Truist Cutting 2024 Estimates for Renovation-Focused Companies

Charlotte, NC, July 10, 2024-Truist is cutting its 2024 estimates for the renovation-focused companies.

The company explains it believes that the second half of 2024 “will be a continuation of the unit declines in the back half of the year, despite easy comparables. The second half of the year is shaping up to be a tough recovery environment, with little sign of pickup thus far and election-related effects that could also been seen. Regardless, units are hovering around 2019 levels, which we believe sets up well for catch-up demand when R&R does turn. Note our second quarter numbers for this group are mostly unchanged.

“Most ‘Throwing in Towel’ on 2024. While remodel demand can improve quickly, a variety of factors were cited as preventing a near term change. First, the lack of rate cuts is cited as a factor for business not improving. Second, the presidential election has historically focused consumers attention elsewhere and more recently incited fear that ‘the other guy’ might win. It also limits advertising for those that depend on ads for short term demand such as the mattress industry.”

Listen to industry consultant Bruce Zwicker discuss the market’s performance and outlook on FloorDaily.