BUZZ-Home improvement firms' recovery to be fueled by LL Flooring's store closures, Mizuho says

Reuters09-17 20:48

** Brokerage Mizuho views ongoing store closures at bankrupt home improvement firm LL Flooring as an added medium- to longer-term positive for Home Depot , Lowe's Cos , and Floor & Decor

** The American flooring company is closing half of its 400 store base after filing for the Chapter 11 bankruptcy process last month

** We view this factor, in addition to pending interest rate cuts, as another modest boost to the broader home improvement category's delayed, yet impending recovery - Mizuho analyst David Bellinger

** FND to see the most favorable impact to its core flooring and installation materials business from LL Flooring's store shutdown, Mizuho says

** Brokerage reiterates PT of $400 for HD, $280 for LOW, and $98 for FND

** So far, HD up ~10%, LOW up 15% and FND up 4.5% YTD

(Reporting by Savyata Mishra in Bengaluru)

((Savyata.Mishra@thomsonreuters.com))

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