) to outperform from neutral.
Analyst Keith Hughes says he expects the stock to trade at a high teens/low 20s multiple as 2003 approaches. He says he believes the commercial interiors market has reached a bottom, and that better sales volumes will materialize in 2003. Hughes notes Interface is positioned to capitalize on this, as it has concluded its restructuring from problematic acquisitions in the late 1990s.
Hughes also says that after creating a modular carpet product 30 years ago, Interface has held its ground as a market share leader in this popular commercial flooring niche. He set a $0.50 2003 earnings per share estimate, and an $11 12-month target.