Floor & Decor price target raised to $110 from $95 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Floor & Decor to $110 from $95 and keeps a Market Perform rating on the shares. The company’s Q4 results beat estimates but was accompanied with a lower-than-anticipated 2024 guidance, which is largely due to the impact of a weak housing market and elevated interest rates, the analyst tells investors. In the near term, the company’s business is likely to remain under pressure from negative housing market trends, but in the long-term, the company will be a disruptor and market share gainer in the flooring space, the firm concludes.