Telsey Advisory Group trims Floor & Decor's PT on slowing demand

Floor & Decor Holdings

25/10/2023 11:35

** Telsey Advisory Group cuts PT on commercial flooring
distributor and retailer Floor & Decor Holdings Inc  FND.N  to
$90 from $105 as sales are expected to be under pressure in Q3
    ** "Floor & Decor's business is likely to remain under
pressure from the weak housing market trends and lapping the
solid pandemic related gains," Telsey analysts say
    ** Co is expected to report Q3 earnings on Nov. 2
    ** TAG also lowers its 2023 EPS expectation for FND to $2.39
from $2.45 and expects operating margin to contract 210 bps in
Q3 due to inflation and higher store expenses
    ** Brokerage expects co's Q3 sales to increase 3% to $1.1
bln
    ** 11 of 23 brokerages rate the stock "buy" or higher, 11
"hold" and one "sell"; with a median PT of $99
    ** As of last close, stock was down ~16% YTD

 (Reporting by Annett Mary Manoj)
 ((AnnettMary.Manoj@thomsonreuters.com))