UPDATE: Oppenheimer Downgrades Tempur-Pedic to Perform

Oppenheimer has published a research report on Tempur-Pedic International

and has downgraded the company from Outperform to Perform based on competitive pressures. In the report, Oppenheimer writes, "In light of Wednesday's very disappointing downward guidance revision owing to heightened competitive pressures, and the likely need to increase promotion spending, we are downgrading the shares of TPX to Perform from Outperform and removing our prior $75 price target. We have limited visibility into even our markedly lowered estimates for this year and next, and expect the shares to remain depressed for some time." Oppenheimer removes its $75 price target on Tempur-Pedic, which is currently trading down $21.11 from yesterday's $43.67 closing price.