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Stifel Nicolaus maintains its Buy rating on Tempur-Pedic
TPX and raises its price target by $5 to $80 on another strong quarter and upcoming lower-priced lineup.
Stifel Nicolaus notes, "Tempur-Pedic reported what we view as impressive results with a 26% increase in North American sales driven by a 24% increase in mattress sales. We continue to see the company gain market share, as the industry remains down slightly excluding specialty sleep products. Sales results were in line with our expectations. The company confirmed our thoughts on what will be introduced in the Las
Vegas Market next week by saying it will offer three beds of different feels priced at $1,499 for a queen set (mattress only we estimate will be $1,199)."
TPX closed at $62.25 yesterday.
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