Floor & Decor price target lowered to $115 from $120 at Baird

Baird analyst Justin Kleber lowered the firm’s price target on Floor & Decor to $115 from $120 and keeps an Outperform rating on the shares. The firm said they posted an In-line 2Q, but management lowered the midpoints of FY23 sales/EBITDA/EPS guidance and while the market was braced for a reduction, the cut was a bit deeper than envisioned.