11:00 AM EDT, 07/22/2024 (MT Newswires) -- Floor & Decor Holdings ( FND ) is likely to deliver a miss and lower guidance when it reports Q2 results on Aug. 1, Wedbush said in a note to clients on Monday,

Wedbush analysts, including Seth Basham, trimmed its EPS estimate for the company to $0.47 from $0.51, compared with the consensus estimate of $0.51.

The analysts also said they see more downside than upside risk ahead of the company's Q2 print.

"Elevated interest rates continue to pressure the broader housing market, leading to reduced volume of whole-home flooring projects tied to home sales and an overall deferral of large projects," the analysts said. "Along with political uncertainty, these factors are pressuring overall flooring industry demand and [Floor & Decor ( FND )] comps."

The investment firm also sees downside risk for the rest of this year and expects the company to cut its guidance.

Wedbush cut Floor & Decor's ( FND ) price target to $110 from $125 and has an outperform rating on the company.

Price: 94.33, Change: +1.69, Percent Change: +1.82