Piper Sandler analyst Peter Keith raised the firm’s price target on Floor & Decor to $86 from $66 and keeps a Neutral rating on the shares. Piper’s recent senior loan officer survey data from the Fed shows a decline in home equity line of credit demand in Q4 by homeowners. With fading homeowner interest in HELOC and overall home equity extractions, large ticket home remodel spend should weaken through 2023, the analyst tells investors in a research note. Given Floor & Decor’s large exposure to Pro spend, the firm lowered 2023 comp and earnings estimates to below consensus.
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Published first on TheFly
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