Piper Jaffray Reiterates Overweight, $45 PT on Mattress Firm on Solid Q1 Print

Piper Jaffray maintains its Overweight rating and $45 price target on Mattress Firm

on strong execution and fundamentals. Piper Jaffray comments, "We are maintaining our Overweight rating and $45 price target on MFRM off the solid Q1 print. We would take advantage of any near-term weakness in the stock price surrounding fears that guidance is below estimates. Importantly, sales at MFRM through Memorial Day weekend are trending inline with company expectations. Also, the Q1 comp at 16.1% accelerated materially on a 2- and 3-year basis, unit and ASP comp are both trending near +8%, and the company is seeing no sign of price deflation within categories." MFRM closed at $35.30 on Tuesday.