UPDATE: Wedbush Raises PT on Mattress Firm Holding on Solid Execution

In a report published Wednesday, Wedbush analyst Joan Storms reiterated an Outperform rating on Mattress Firm Holding Corp.

, and raised the price target from $30.00 to $35.00. In the report, Storms noted, “We maintain our OUTPERFORM rating as company is executing solidly in a still tough environment, which we had not modeled, yet not entirely unexpected given recent negative industry data. Well-integrated acquisitions are contributing positively in 2013. With this accomplishment mostly completed, including higher sales productivity and profits as well as fixed staffing issues, management is fully focused on driving total company sales and profits. The company's relative market share growth strategy is unchanged, with growth plans in new and existing markets, as well as opportunistic acquisitions. Our longer-term growth rate forecast for the company is in the 20-25% range (10-15% square footage growth, mid-single-digit comps, and operating margin expansion) implying a still significant discount to our earnings forecast for 2013 (16x) and 2014 (13x).” Mattress Firm Holding Corp. closed on Tuesday at $31.02.