LL - LL Flooring falls after Loop Capital downgrades to sell
2023-07-13 11:02:42 ET
LL Flooring Holdings ( NYSE: LL ) dropped 4.8% amid a Loop Capital downgrade of the flooring retailer to sell from hold.
The flooring retailer faces a tough macroeconomic environment with existing home sales in decline and interest rates likely to climb, Loop analyst Laura Champine wrote in a note on Thursday, where she maintained the $3 price target for LL.
Loop's Champine also highlighted that the company recently rejected a $5.76 per share takeover offer from its founder, Tom Sullivan.
Loop estimates LL Flooring ( LL ) will incur losses in Q2, typically the seasonally strongest quarter.
More on LL Flooring
- LL Flooring appoints Robert Madore as CFO
- LL Flooring: Sullivan's Bid Is Worth Considering
- LL Flooring Holdings: Investors Should Push For A Deal
- LL Flooring stock slides on wider than expected loss
- LL Flooring: Challenges Continue In 2023
- LL is at high risk of performing badly
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LL Flooring falls after Loop Capital downgrades to sell