UPDATE: Stifel Reiterates on Tempur Sealy International as North America Sales Turn Positive
In a report published Thursday, Stifel analyst John Baugh reiterated a Buy rating on Tempur Sealy International (NYSE: TPX), and raised the price target from $48.00 to $52.00.
In the report, Stifel noted, “Investors have long been keeping Tempur Sealy's stock in the penalty box, waiting for a turnaround in the Tempur North American business. The company finally gave the Street something to cheer about in the third quarter, with the Tempur North America retail business being up 2.4%, compared to the prior year. Management expects that business to be flat to up slightly in the fourth quarter as well, which is encouraging, given we believe the industry slowed down in late-September/early-October.”
Tempur Sealy International closed on Wednesday at $40.11.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.