Floor & Decor price target lowered to $65 from $90 at Truist

Truist lowered the firm’s price target on Floor & Decor to $65 from $90 and keeps a Buy rating on the shares after its Q1 earnings miss and guidance cut. The cut is prudent given the impacts on consumers from higher costs and substantial price increases that will be coming in flooring, though the firm still sees a long term turn in flooring industry given R&R demand is well below trend, the analyst tells investors in a research note.