Goldman Sachs Chops PT and Estimates on Tempur-Pedic (TPX); From Growth to Value
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Price: $47.90 +2.33%
Rating Summary:
5 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
5 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade TPX Now!
Goldman Sachs maintains a 'Neutral' on Tempur-Pedic (NYSE: TPX) price target of $30.00 (from $61.00).
Analyst, Joshua Pollard, said, "The specialty bedding sector has become very competitive, very quickly. In just two months Tempur-Pedic has discounted a bed for the first time in its history after offering it lowest-priced bed at $1,499. Our major concern going forward for Tempur-Pedic is the lack of levers the company can pull to stem near-term earnings weakness. Advertising, which can be cut the fastest, has been the biggest driver of sales growth, so significant cuts could exacerbate share losses."
Goldman slashes FY12 EPS estimate from $3.94 to $2.62, FY13 from $4.88 to $3.01 and FY14 from $5.91 to $3.60.
For an analyst ratings summary and ratings history on Tempur-Pedic click here. For more ratings news on Tempur-Pedic click here.
Shares of Tempur-Pedic closed at $22.39 yesterday, with a 52 week range of $21.92-$87.43.
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Analyst, Joshua Pollard, said, "The specialty bedding sector has become very competitive, very quickly. In just two months Tempur-Pedic has discounted a bed for the first time in its history after offering it lowest-priced bed at $1,499. Our major concern going forward for Tempur-Pedic is the lack of levers the company can pull to stem near-term earnings weakness. Advertising, which can be cut the fastest, has been the biggest driver of sales growth, so significant cuts could exacerbate share losses."
Goldman slashes FY12 EPS estimate from $3.94 to $2.62, FY13 from $4.88 to $3.01 and FY14 from $5.91 to $3.60.
For an analyst ratings summary and ratings history on Tempur-Pedic click here. For more ratings news on Tempur-Pedic click here.
Shares of Tempur-Pedic closed at $22.39 yesterday, with a 52 week range of $21.92-$87.43.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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