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Piper Jaffray Comments on April Sales Data for Mattress Industry

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Piper Jaffray has published a research report commenting on April sales data for the mattress industry, including Select Comfort (NASDAQ: SCSS), Tempur-Pedic International (NYSE: TPX) and Sealy (NYSE: ZZ).

In the report, Piper Jaffray writes, "April sales data for the mattress industry (mattresses & foundations) released this morning by ISPA shows a healthy bounce-back from the March results. April sales were +14.5% y/y (vs. March at +4%). Unit sales were +5.4% y/y (vs. March at -4.1%), and Average Unit Price at +8.7% remained consistent with prior months, reflecting the current strength in the specialty/premium segment of the marketplace. We believe the April data confirms that the mattress industry remains in a strong growth cycle. Furthermore, it suggests the weak March results were an aberration, likely impacted by very tough compares from 2011 and 2012. We believe the recent sell-off in SCSS and TPX shares represents an excellent buying opportunity for two companies with sustainable +20% earnings growth."

Piper Jaffray maintains its Overweight rating on TPX and SCSS, and is Neutral on ZZ.

Latest Ratings for TPX

DateFirmActionFromTo
May 2015Longbow ResearchUpgradesNeutralBuy
May 2015Raymond JamesDowngradesStrong BuyMarket Perform
Apr 2015Bank of AmericaUpgradesNeutralBuy

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Posted-In: Piper JaffrayAnalyst Color Reiteration Analyst Ratings

 

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