Telsey Advisory upgraded Floor & Decor to Outperform from Market Perform with a price target of $115, up from $95. The firm anticipates Floor & Decor’s sales may remain soft in the short term, but expects the performance to “improve solidly” as 2025 progresses, saying the housing market “has picked up steam.” Specifically, existing home sales grew solidly year-over-year in each of the last three months of 2024 following 37 straight months of declines, the analyst tells investors in a research note. Telsey expects this trend in housing turnover to continue. Given that housing turnover is the leading driver of spending on flooring projects, this trend should help to revive Floor & Decor’s comp growth, the firm contends.
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