KeyBanc Lowers Price Target on Tempur-Pedic (TPX), Strong Long-Term Buy
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Price: $42.78 +0.80%
Rating Summary:
5 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 13
Rating Summary:
5 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 13
Trade TPX Now!
KeyBanc is reaffirming its Buy rating on shares of Tempur-Pedic (NYSE: TPX), but is lowering its price target from $80 to $73.
The firm reports that retails continue to be positive with the performance of Tempur-Pedic. Market checks indicate that many retailers are offering promotions such as zero percent financing and free pillows. KeyBanc views this as a positive and as accesorries and continue to outpace mattress in the domestic sector.
KeyBanc is reiterating its third quarter earnings estimate of $0.86 as domestic sales remain on track to grow over 20 percent in the quarter.
An analyst at the firm comments, "Longer term, we continue to view TPX as one of the more compelling growth stories as it refines its product assortment and grows domestic and international awareness. The stock has declined by 22% since its July 29 high, vs. a 10% decline for the S&P 500, which we believe supports an attractive entry point for this quality growth story."
For 2011 and 2012, KeyBanc estimates earnings of $3.13 and $3.75.
For more ratings news on Tempur-Pedic click here and for the rating history of Tempur-Pedic click here.
Shares of Tempur-Pedic closed at $56.32 yesterday, with a 52 week range of $26.40-$74.81.
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The firm reports that retails continue to be positive with the performance of Tempur-Pedic. Market checks indicate that many retailers are offering promotions such as zero percent financing and free pillows. KeyBanc views this as a positive and as accesorries and continue to outpace mattress in the domestic sector.
KeyBanc is reiterating its third quarter earnings estimate of $0.86 as domestic sales remain on track to grow over 20 percent in the quarter.
An analyst at the firm comments, "Longer term, we continue to view TPX as one of the more compelling growth stories as it refines its product assortment and grows domestic and international awareness. The stock has declined by 22% since its July 29 high, vs. a 10% decline for the S&P 500, which we believe supports an attractive entry point for this quality growth story."
For 2011 and 2012, KeyBanc estimates earnings of $3.13 and $3.75.
For more ratings news on Tempur-Pedic click here and for the rating history of Tempur-Pedic click here.
Shares of Tempur-Pedic closed at $56.32 yesterday, with a 52 week range of $26.40-$74.81.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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