Floor & Decor price target lowered to $70 from $78 at Piper Sandler

Piper Sandler lowered the firm’s price target on Floor & Decor to $70 from $78 and keeps an Overweight rating on the shares following “a somewhat disappointing” start to the year with a guide down. March and April comparable sales stepped down and the company lowered the guide such that a continuation of the current trend would hit the midpoint of the new guide. While disappointing, Piper believes this seems appropriate and should set estimates at a level that can see upside with any improvement in the Middle East situation and/or 30-year mortgage rate.