Floor & Decor Holdings, Inc. (FND) PT Lowered to $115 at Baird

Baird analyst Justin Kleber lowered the price target on Floor & Decor Holdings, Inc. (NYSE: FND) to $115.00 (from $127.00) while maintaining a Outperform rating.

The analyst comments "Sticking with FND, though some patience likely required. We see modest downside risk to 2Q expectations (particularly comps/sales) and are reducing FY24/FY25 estimates to reflect a "tougher for longer" operating environment with existing home sales bouncing along the bottom. That said, with shares down ~20%/~25%/~30% vs. XRT/SPX/XHB, respectively, since mid-May, a lot of bad news appears reflected in the stock. Big picture, we continue to believe the pressures facing FND are cyclical (not structural). Accordingly, we see an attractive multi-year setup forming for patient investors willing to look through this downturn."

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