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Fly News Breaks for June 29, 2017
TPX, SCSS
Jun 29, 2017 | 15:29 EDT
Raymond James analyst Budd Bugatch believes the rumored acquisition of Select Comfort (SCSS) by Tempur Sealy (TPX) does not make strategic sense. Such a deal would get a negative reaction from independent retailers and take aware floor slots for both brands, Bugatch told investors in an intraday research note. He tells investors to discount the possibility of such a merger and views the deal as a "stretch" from a financial perspective. Shares of Select Comfort are up 10% to $35.33 in late afternoon trading while Tempur is up 4% to $53.06. Bugatch has a Strong Buy rating on Tempur Sealy and Market Perform rating on Select Comfort.
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