KeyBanc Raises Price Target on Tempur-Pedic (TPX) Ahead of Analyst Day on February 22

KeyBanc is reaffirming its Buy rating on shares of Tempur-Pedic (NYSE: TPX) and is raising its price target from $83 to $86 ahead of the company's analyst day on February 22.

The firm anticipates management will offer a new longer term outlook during its conference which should cover the next three to five years. The new guidance is expected to include revenue, gross margin, and operating margin targets.

An analyst at KeyBanc comments, "Mattresses: Still Our Favorite Area for Growth,” which supports our ongoing bullish view of the mattress industry. Ultimately, TPX remains one of our top picks and we believe the Company is positioned to exceed expectations on the new product launch."

The firm continues to forecast earnings will total $0.85 per share in Q1, $3.98 per share for FY12 and $4.60 per share for FY13.

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 $73.75 yesterday.

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