As previously reported, Stifel analyst John Baugh downgraded Floor & Decor to Hold from Buy citing valuation following the stock's 13.5% run-up so far in 2018 and 85% rise since its IPO last April. However, he raised his 2018 EPS by "a couple pennies," based mostly on additional revenue from new stores, and increased his price target to $60 from $51. While he has been impressed with Floor & Decor's recent results and growth projections, Baugh thinks the sales and EBIT margin assumptions baked into the current stock price "may be attainable, but only in a perfect world," he tells investors.

Floor & Decor announced the grand opening of its seventh warehouse location in Colorado, with the addition of its newest location in Lone Tree at 8583 S Yosemite Street. The warehouse store and design center will open with a team of about 50 full-time and part-time associates led by Michael Abernathy, the store Chief Executive Merchant. "We're thrilled to announce our newest store location in Lone Tree," said Abernathy. "For more than two decades, Floor & Decor has had the opportunity to serve professionals and homeowners throughout the nation, and we are excited to expand our footprint in the Denver market with this new location. We look forward to becoming part of the community and welcoming our newest neighbors into our store and making their renovation journeys easier, inspired and more affordable."