Gordon Haskett downgrades Floor & Decor on softening housing data

Gordon Haskett analyst Chuck Grom downgraded Floor & Decor to Hold from Accumulate with an unchanged price target of $90. The analyst remains constructive on the company’s long-term growth opportunity as a "category killer." However, the firm downgraded the shares on near-term headwinds from softening leading housing indicators, the "highly cyclical" category in an uncertain macro environment and a likely negative comp inflection in fiscal 2023 that the Street is currently not modeling.