Legg Mason Initiates Mohawk Coverage with Buy Rati

New York, November 5--Analysts at Legg Mason initiated coverage of Mohawk Industries with a "buy" rating. The firm set a target price at $100. In a research note the analysts mention that the company is poised to capture a 33% share of the total flooring market in the next five to six years. Mohawk Industries’ distribution capabilities, financial capacity and disciplined management approach would enable the company to expand its market share, the analysts believe. They added that high oil prices have been exerting pressure on the company’s margins in the recent months.