UPDATE: Piper Jaffray Lowers Tempur-Pedic's PT

According to a research report published this morning, Piper Jaffray has lowered Tempur-Pedic's TPX PT from $100 to $95. In the report, Piper Jaffray said, "The decline in TPX shares over the last two days has been an overreaction, in our view, to what appears to be a planned promotion on the top-selling Cloud Supreme mattress for the Memorial Day through July 4th selling season. In speaking to the company last night, we believe this promo was included in 2012 guidance reiterated less than 3 weeks ago. Certainly, the competitive environment (and investors' interpretation of it) is evolving for TPX. That said, we continue to see TPX as a +20% growth story in 2012 and 2013 even with stepped up promotions. We estimate the Cloud Supreme promo to be, at worst, a $0.03-$0.04 hit to Q2 EPS assuming no increase in unit volume." Piper Jaffray maintains its Overweight rating on Tempur-Pedic, which closed yesterday at $46.59.