Truist starts Floor & Decor at Buy, sees ‘multiple legs for growth’

As previously reported, Truist analyst Keith Hughes initiated coverage of Floor & Decor with a Buy rating and $120 price target. The firm believes flooring demand is “finding a bottom” and notes that its 2023 EPS estimate is above the Street and at the high end of guidance. The firm expects Floor & Decor’s business to continue to accelerate in the second half, similar to past flooring cycles, and believes the valuation is attractive given its view that the the company has “multiple legs for growth above the flooring and renovation markets.”