Barclays Maintains an 'Equalweight' on Tempur-Pedic (TPX); Revising Estimates

Barclays maintains an 'Equalweight' on Tempur-Pedic (NYSE: TPX), PT $60.

Barclays analyst says, "Tempur-Pedic announced preliminary results for 1Q11 this afternoon (4/7). The company now expects revenues to increase approximately 28% to $325 million and it expects 1Q11 EPS in the range of $0.67 - $0.68. In conjunction with these expectations, the company also raised its full-year 2011 guidance. Tempur now expects 2011 revenues in the range of $1.31 - $1.36 billion (vs. $1.23 - $1.28 billion, previously), and EPS in the range of $2.80 - $2.95 (vs. $2.60 - $2.75, previously)."

"Given momentum in sales growth, and continued ability to expand gross margins, we are raising our 2011 and 2012 EPS estimates to $2.95 and $3.45 from $2.75 and $3.25, respectively, and raising our price target to $60 from $45. We are also increasing our 1Q11 EPS estimate to $0.68 from $0.61."

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 $50.99 yesterday.

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