Craig-Hallum Reiterates Buy Rating on Purple Innovation (PRPL) Following Checks; 'PRPL Is The New Black'

Craig-Hallum analyst Jeremy Hamblin reiterated a Buy rating and $40.00 price target on Purple Innovation (NASDAQ: PRPL) following recent checks with the company's largest wholesale customer Mattress Firm.

The analyst commented, "Recentchecks at Purple’s largest wholesale customer (Mattress Firm), which we view as a strong proxy for overall mattress sales, indicate the year of Purple continues as the brand has maintained momentum during the holiday season with market share gains established throughout2020sustaining. As the focus begins to shift to 2021, we expect share gains to increase due to the combination of consumer demand for the brand, wholesale door demand and a30%+ increase in capacity with the ramp up of the new Purple South manufacturing facility in Q1"

For an analyst ratings summary and ratings history on Purple Innovation click here. For more ratings news on Purple Innovation click here.

Shares of Purple Innovation closed at $27.42 yesterday.

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