Shares of Mohawk Industries (MHK) surged Friday after the company reported second-quarter financial results — and got a bullish ෴pat on the back from analysts at Bank of America.

Mohawk's stock, which rose nearly 20% on Friday, jumped after the flooring manufacturer reported second-quarter EPS of $2.46 and net sales of $2.8 billion, in line with analysts’ expectations, per Visible Alpha. The shares also got a big upgrade from the Bank of America analysts, who lifted their rating to "buy" from "underperform," and raised their 澳洲幸运5官方开奖结果体彩网:price target to $177 from $120. That’s a more than 31% premium over the 🐼company’s Thursday closing 🅰price. 

The company is poised to benefit from a recovery in the global ceramic sector, the analysts wrote Friday.

“We are now more confidentꦆ that margins will continue to improve despite the challenging macro backdrop,” the analysts said. “We expect a recovery in North America and global ceramic segment margins off depressed levels and stabilization in [the] rest of [the] world driven by better producti♊vity.”

BofA raised its 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) projection to $10.31 from $9.23, well above the ✃Visible Alpha Consensus, and its 2025 EPS projection to $11.95 from $10.90. 

Mohawk also announced that ongoing restructuring initiatives will generate savings of $100 million per year going forward, and $20﷽ million to $25 million in 2024. That’s on top of $150 million in annualized savings announced i🐷n the company’s 2023 annual report, BofA noted.

Mohawk's shares are up about 55% this year.