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Fly News Breaks for September 28, 2016
TPX
Sep 28, 2016 | 06:01 EDT
Piper Jaffray analyst Peter Keith calls Tempur Sealy's negative Q3 preannouncement "terrible" and lowered his price target for the shares to $63 from $84, but he adds that yesterday's selloff is likely overdone. The analyst believes the revised guidance implies North American sales declines of 4%-9% for 2016, which he thinks is not the "new normal" for 2017. Keith keeps an Overweight rating on Tempur Sealy.
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