Piper Sandler raised the firm’s price target on Floor & Decor to $98 from $74 and keeps a Neutral rating on the shares. The firm is taking a more bullish stance on home improvement – and more specifically, large remodel projects – as home equity extraction activity is trending toward improvement in 2024. For Floor & Decor, the long-term opportunity is notable, but comp trends are more dependent on Existing Home Sales, Piper says. It would like to see management set 2024 guidance before becoming more positive on shares.
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