Watchlist Candidate Floor & Decor (FND) Looks Ready
Floor & Decor (FND) is quietly pushing higher this week, with a potential run for the gap at 46.00 (+/-). This would represent a 15% gain from current levels. Implied volatility is pretty low, so we’d be interested in trading common.
Floor & Decor Holdings
FND operates as a multi-channel specialty retailer of hard surface flooring and related accessories. The company’s stores offer tile, wood, laminate, and natural stone flooring products, as well as decorative and installation accessories. It serves professional installers, commercial businesses, and do it yourself customers. As of December 28, 2017, the company operated 83 warehouse-format stores; and a small-format standalone design center in 21 states. Floor & Decor Holdings, Inc. also sells products through its Website, FloorandDecor.com. – Yahoo Finance
Floor & Decor Daily Chart
Overhead resistance levels increase near the top of the recent gap. 20/200d cross Monday follows a 20/50d bullish cross in January. Momentum is a bit tepid at the moment, despite the Beta of 1.23.
We anticipate price action could pick up this week as more stocks break out this week. Long above Monday’s close, with a stop at 38.00 (+/-) initially as the stock moves higher today.
Floor & Decor (FND) management controls 8% of outstanding shares.
Baird initiated an outperform rating on the stock on March 5. Morgan Stanley, Bank of American and UBS cover the company as well, with positive comments earlier in the quarter. All 4 are bullish.
Futures are green, so we are anticipating Monday’s winners will follow-through again this morning.
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