Stifel downgraded Floor & Decor to Hold from Buy with a price target of $115, up from $95. The firm noted valuation as the primary driver for the downgrade, adding that it believes shares have reached a level that fully values the transformative growth opportunity. Stifel added that it believes the hard surface flooring category will remain under pressure in 2024, with flooing lagging home improvement and tied heavily to existing home sales.
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