UPDATE: Longbow Research Reiterates Buy Rating, Raises PT on Tempur Sealy International Following 3Q13 EPS Report - Tempur Sealy Intl (NYSE:TPX)

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In a report published Thursday, Longbow Research analyst Joshua Borstein reiterated a Buy rating on

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Tempur Sealy International

(NYSE: TPX), and raised the price target from $46.00 to $53.00.In the report, Longbow Research noted, “TPX reported 3Q13 adjusted EPS of $0.73 on $736M in revenue, beating consensus EPS of $0.68 and consensus revenue of $710M. We were looking for an EPS of $0.71 on revenue of $718M. Guidance was reiterated at $2.425B to $2.450B in revenue and adjusted EPS guidance of $2.25 to $2.40. Sales of mattresses above $2K more than offset by a decline in mattress sales below $2K, resulting in an overall ASP increase of ~4%. Importantly, mattresses priced $2K and up improved q/q while mattresses priced below $2K were less negative. From what we gather, Tempur will promote some of its mattresses over Black Friday and hope to repeat some of the success it found over Labor Day.”Tempur Sealy International closed on Wednesday at $40.11.