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Select Comfort reports Q3 EPS 56c, consensus 57c
Reports Q3 revenue $368M, consensus $391.02M.
Select Comfort upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill upgraded Select Comfort to Neutral and increased its $25 price target saying the negative impact from the ERP rollout is over and improved sentiment may signal better sales trends.
Mattress Firm buyout likely puts upward valuation pressure on peers
Piper Jaffray analyst Peter Keith calls the buyout of Mattress Firm (MFRM) at $64 per share a "significant surprise" and feels the acquisition synergies "are not immediately apparent." While the deal is unlikely to have an impact on mattress industry fundamentals in the near-to-medium term, the takeover likely puts upward pressure on valuations in the mattress space for the foreseeable future, Keith tells investors in a research note. Names in the space include Tempur Sealy (TPX) and Select Comfort (SCSS).
Select Comfort upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Peter Keith upgraded Select Comfort to Overweight after traveling with management. The analyst sees "significant" upside potential to 2017 consensus earnings estimates as the company moves past four years of heavy investment and transformation activity. He raised his price target for the shares to $31 from $23.
Select Comfort initiated with a Sell at UBS
UBS analyst Michael Lasser started Select Comfort with a Sell rating and $20 price target. The analyst highlights as risks increasing competition and the company's reliance on existing customers. He recommends a "guarded" view of the mattress sector saying online-only players will grab "meaningful share" over the near-term. Lasser this morning also initiated shares of Tempur Sealy (TPX) with a Neutral rating.
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