Loop Capital analyst Laura Champine upgraded LL Flooring to Hold from Sell with an unchanged $2 price target. The company reported another quarter of double-digit sales declines and the stock continues to trade lower, blowing past the firm’s price target and now falling about 60% year-to-date, the analyst tells investors in a research note. Loop adds that while it sees a tough macroeconomic environment with existing home sales in decline and interest rates high, this may mark the floor for the stock as it now trades at just 0.1-times expected 2024 sales.
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