UPDATE: KeyBanc Upgrades Tempur-Pedic International to Buy, Names $48 PT

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In a report published Wednesday, KeyBanc upgraded its rating on Tempur-Pedic International
TPX
from Hold to Buy, and named $48.00 price target. KeyBanc noted, “We are increasingly positive on TPX, following our viewing of new products and our discussion with retailers. We believe TPX's success is mutually beneficial (to retailers and TPX alike), and believe TPX will resume a trend of sales growth (and potentially market share gains) after the 1Q, which we believe can be sustainable for the next several years. Furthermore, we believe the Sealy acquisition will be a strong strategic fit, positioning TPX for both cost and revenue synergies that could lend upside to our estimates in 2013 and 2014. While the stock may need to catch its breath in the near term (after a strong performance after the 1Q), we believe the outlook is favorable and are upgrading the stock to BUY from HOLD, and initiating a $48 price target that implies 20% upside.” Tempur-Pedic International closed on Tuesday at $39.84.
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Posted In: Analyst ColorUpgradesAnalyst RatingsKeyBanc
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