Floor & Decor price target lowered to $110 from $115 at Wedbush

Wedbush lowered the firm’s price target on Floor & Decor to $110 from $115 and keeps an Outperform rating on the shares. Floor & Decor’s Q2 results were below consensus expectations on the top-line but in line on the bottom line as it was able to mitigate lower sales and fixed cost deleverage with better than expected gross margins, the analyst tells investors in a research note. A softer macro environment outlook and the “last to recover” nature of the flooring category given its discretionary characteristics relative to other home improvement categories led the company to lower its outlook through the remainder of the year more than expected, the firm notes.