Loop Capital lowered the firm’s price target on LL Flooring to $1 from $2 and keeps a Hold rating on the shares. The stock remains pressured and is currently down 62% year-to-date amid a tough macroeconomic environment with existing home sales in decline and interest rates high, the analyst tells investors in a research note. In an 8-K on Friday, LL Flooring has also mentioned that it might violate a credit facility covenant in Q3, though it is also in second round talks to sell a large DC in Virginia, the firm added.
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