Piper Jaffray analyst Peter Keith reiterated an Overweight rating and lifted his price target on Tempur-Pedic (NYSE: TPX) to $68.00 (from $57.00) following 'beat and raise' quarter.

commented, "We are maintaining our OW rating and raising our PT from $57 to $68 on TPX following a solid beat and raise quarter. EPS of $0.55 was above consensus of $0.48 and guidance of $0.45-$0.50 driven by both sales and gross margin upside. Full year guidance was raised by slightly more than the EPS beat despite an additional -$0.05 drag now expected from FX. While this was the quarter that we and shareholders have long thought TPX should be able to post, and is well timed for mgmt, the outcome of the pending shareholder vote on May 8 remains difficult to predict. We continue to see healthy earnings power looking out to next year and we are raising 2016 EPS from $3.33 to $3.59. We are increasing our earnings multiple assumption from 17x to 19x due to a better EPS outlook."

The firm lifted FY 2015 EPS from $2.88 to $3.03 and FY 2016 EPS from $3.33 to $3.59.

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 $60.30 yesterday.