UPDATE: Citigroup Initiates Coverage on Mattress Firm Holding with Buy Rating, $30 PT

In a report published Wednesday, Citigroup initiated coverage on Mattress Firm Holding Corp. MFRM with a Buy rating and $30 price target. Citigroup noted, “We are initiating coverage of Mattress Firm with a Buy rating and $30 target price. We think Mattress Firm is a differentiated name in the hardlines universe and its ability to differentiate and take market share should provide upside to EPS and overall valuation over the next several years. We think the recent pull-back in the stock is an excellent Buying opportunity and provides investors with an attractive entry point.” Mattress Firm Holding Corp. closed on Tuesday at $22.69.