Stifel Nicolaus reiterated its Buy rating on Select Comfort Corporation SCSS and lowered its price target from $42 to $35.
Stifel Nicolaus commented, "Select Comfort reported a strong quarter, beating our estimates and consensus estimates across the board. EPS of $0.30 was a $0.03 beat to our consensus matching estimate and revenue of $205.2 million was well ahead of our $200 million estimate and $197 million consensus estimate. … Our target price of $35 is based on approximately 19X our 2013 EPS estimate of $1.85. Key risk factors to our target price include, but are not limited to, increased competition, or a prolonged recessionary or weak economic environment, in addition to other risk factors mentioned in the company's 10-K filing."
Select Comfort Corporation closed at $21.77 on Wednesday.
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