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Stifel Nicolaus reiterates its Buy rating on Select Comfort
SCSS and raises its price target to $33 from $26 a share on growth driven by media spending and new store format.
Stifel Nicolaus says, "Select Comfort ended the quarter with $146 million in cash, or $2.57 per share. This is well above the company's goal of $100-120 million and will
increase capital expenditures in 2012 to fund the share repurchases, new store
growth, and some system upgrades. The company continues to grow average sales per store, which should continue to increase as the company moves more stores to the new format and off-mall locations, which are generating sales above the company's average."
SCSS closed at $27.17 a share on Wednesday.
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