Floor & Decor Holdings, Inc. (FND) PT Raised to $119 at Citi

Citi analyst Steven Zaccone raised the price target on Floor & Decor Holdings, Inc. (NYSE: FND) to $119.00 (from $74.00) while maintaining a Neutral rating.

The analyst commented, "FND put up mixed 4Q results — EPS was a healthy beat vs. Street based on better top-line performance (transactions driven) and margin execution. Looking forward, initial FY24 EPS guidance of $1.75-2.05 was set below the Street’s $2.19 estimate, but more/less in-line with market expectations of ~$1.80. We note the guide is heavily back-half weighted based on management’s expectation for positive 4Q SSS, which is reminiscent of last year’s initial outlook which did not materialize. Overall, we expect the bulls and bears to have unchanged views. FND shares are trading at a hefty premium to their historic average, but bulls are willing to look beyond the valley of 2023 & 2024 weakness for the multi-year recovery as mortgage rates come down and existing home sales (EHS) volume improve. Bears will likely need to wait until the 2H for potential SSS misses. Stay Neutral."

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