Piper Sandler raised the firm’s price target on Floor & Decor to $115 from $105 and keeps a Neutral rating on the shares. The firm says Q4 home equity extractions at $54B were roughly inline with the prior 3 quarters in 2023, which places the Q4 year-over-year decline of $14B as the smallest year-over-year decline in 1.5 years. Following the 2023 year-over-year decline of -$150B in cash home equity extractions, 2024 is trending toward flattish year-over-year. This dynamic bodes well for the home improvement names in Piper’s space.
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