Wolfe Research double downgraded Floor & Decor to Underperform from Outperform with a $76 price target after assuming coverage of the name. Flooring demand remains weak and the company’s new stores are lagging prior cohorts, the analyst tells investors in a research note. Wolfe views Floor & Decor’s valuation as expensive with consensus estimates already reflecting an inflection in same-store-sales. The firm is cautious on the company’s fundamentals despite potential benefits from lower interest rates.
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