Jefferies analyst Jonathan Matuszewski downgraded Floor & Decor to Hold from Buy with a price target of $108, down from $110. The stock’s valuation is “harder to justify” following the outperformance year-to-date, the analyst tells investors in a research note. In addition, the firm sees uncertainty in the second half of 2023. A guidance cut “feels more likely than not” given the delayed impact of higher 30-year mortgage rates, uncertainty regarding the resumption of student loan obligations, and improving inventory at independents, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on FND:
- Homebuilder Stocks Keep Soaring. Which is the Best Homebuilder ETF?
- Wayfair upgraded, Under Armour downgraded: Wall Street’s top analyst calls
- Truist starts Floor & Decor at Buy, sees ‘multiple legs for growth’
- Floor & Decor initiated with a Buy at Truist
- Tesla upgraded, Nio downgraded: Wall Street’s top analyst calls