Cooling inflationary pressures and strengthening home values are likely to spell a recovery for home improvement retailers sooner rather than later, according to Bank of America.
Although the firm's indicator for the home improvement industry still came in negative for August 2023, the signal ticked up from its July reading.
"Strength in home values should lend longer-term stability for home improvement demand," Suzuki wrote.
Suzuki's $114 price target for Floor & Décor suggests almost 24% upside from its closing price of $92 Monday.
BofA cited FND's growing number of stores and improved same-store sales growth.
Persons:
Elizabeth Suzuki, Lowe, BofA, Suzuki, — CNBC's Michael Bloom
Organizations:
Bank of America, U.S . Mortgage, Finance Research
Locations:
1H23, 2H23, Monday's