Armstrong Flooring (AFI) PT Cut To $14 At Nomura After Second Recent CFO Departure

Nomura/Instinet analyst, Michael Wood, reiterated his Neutral rating on shares of Armstrong Flooring (NYSE: AFI) and cut the price target to $14 after the company announced the departure of Ronald Ford, the CFO.

The analyst stated "Ron’s departure marks the fifth senior management exit at the flooring business since mid-2014, and Doug will become the company’s third CFO in the last two years. We believe Ron left to pursue better opportunities elsewhere, similar to the rationale provided when CFO John Thompson resigned in April 2017". The company stated in the press release that the departure was not due to an accounting practice or financial issue. The new PT of $14 is down from $15.

For an analyst ratings summary and ratings history on Armstrong Flooring click here. For more ratings news on Armstrong Flooring click here.

Shares of Armstrong Flooring closed at $12.84 yesterday.

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