UPDATE: Piper Jaffray Cuts PT to $23 on Select Comfort Corporation Following Negative Pre-Announcement

Piper Jaffray maintained Select Comfort Corporation SCSS with an Overweight rating and lowered the price target from $32.00 to $23.00. Piper Jaffray noted, "We are maintaining our Overweight rating but lowering our price target from $32 to $23 (14x 2013 EPS of $1.64) following today's disappointing (and vague) negative pre-announcement. Without a doubt, the vagueness of today's release and the lack of transparency from SCSS is exacerbating today's decline in share price and we understand investors' frustrations. That said, we believe today's sell-off is overdone and we expect the advertising issues blamed for Q1 weakness can be corrected by Q2. Furthermore, the long-term growth story with share gains, 6%-8% unit growth, and an accretive shift in real estate to an off-mall format remains intact." Select Comfort Corporation closed at $17.12 on Monday.