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TPX

Tempur Sealy

$49.66

-2.22 (-4.28%)

, SNBR

Sleep Number

$30.82

-0.38 (-1.22%)

12:27
07/10/18
07/10
12:27
07/10/18
12:27

Mattress sales 'soft,' Tempur Sealy likely below consensus for Q2, says Wedbush

Following checks with retailers across the U.S., Wedbush analyst Seth Basham told investors in a research note that nationwide brick-and-mortar retail mattress sales declined in the low-single digits in the second quarter, and though sales grew early in the quarter, they declined in May and June. Based on his checks, Basham says 4th of July period sales declined low-single digits to mid-single digits for B&M retailers, driven by steepening traffic declines and ASP gains, and that Tempur Sealy (TPX) specifically is likely to be below consensus for the quarter, with sales trends weakening due to elevated cannibalization rates as customers traded down to new, lower-priced products. He believes Tempur Sealy will maintain at least the low end of of its 2018 EBITDA guidance of $450M-$500M. Additionally, Basham says Sleep Number (SNBR) may be "slightly light" of consensus for the quarter, as his checks show that sales trends remained muted for the 4th of July period. The analyst has an Outperform rating and $65 price target on Tempur Sealy and a Neutral rating and $34 price target on Sleep Number.

TPX

Tempur Sealy

$49.66

-2.22 (-4.28%)

SNBR

Sleep Number

$30.82

-0.38 (-1.22%)

  • 25

    Jul

TPX Tempur Sealy
$49.66

-2.22 (-4.28%)

05/07/18
RHCO
05/07/18
NO CHANGE
Target $45
RHCO
Hold
Tempur Sealy price target lowered to $45 from $51 at SunTrust
SunTrust analyst Keith Hughes lowered his price target on Tempur Sealy to $45 and kept his Hold rating after the company's Q1 earnings miss, saying that while international sales supported results, the non-mattress accounts continued to weaken. The analyst adds that a "substantial success" will be needed from the product launches this year and in 2019 to recapture historical growth rate levels. Hughes also warns that raw material inflation will likely remain elevated in the current quarter before leading to another price increase later in the year.
04/16/18
LOOP
04/16/18
DOWNGRADE
Target $36
LOOP
Sell
Tempur Sealy downgraded to Sell from Hold at Loop Capital
Loop Capital analyst Laura Champine downgraded Tempur Sealy to Sell and cut her price target for the shares to $36 from $49. The shares closed Friday down 12c to $44.00. Channel checks with vendors, customers, and competitors this quarter "have not gone well" for Tempur, particularly for the Sealy line, Champine tells investors in a research note. The mattress business is "highly promotional," and competitor Mattress Firm "is taking this to a new level in its stores," the analyst adds. She believes that despite investor hopes, Tempur Sealy seems "highly unlikely" to return to Mattress Firm stores. The analyst feels it "no longer makes sense" to ignore the competitive pressure Tempur is facing.
04/12/18
KEYB
04/12/18
NO CHANGE
KEYB
KeyBanc uncovers another retailer moving away from Tempur Sealy
KeyBanc analyst Bradley Thomas came across an "interesting datapoint that is negative" for Tempur Sealy (TPX) during his recent mattress industry channel checks. A smaller retailer, with less than 50 stores, is in the process of changing its floor to Serta Simmons Bedding from Tempur, Thomas tells investors in a research note. Despite being pleased with Tempur's product and productivity, the retailer said Serta-Simmons was offering substantially better terms, Thomas writes. He believes this development, which follows Conn's (CONN) similar decision in Q4, highlights the "continued competitive challenges" in the mattress sector. Thomas has a Sector Weight rating on Tempur Sealy. The stock in afternoon trading is down 35c to $44.19.
03/12/18
PIPR
03/12/18
NO CHANGE
Target $66
PIPR
Overweight
Tempur Sealy price target lowered to $66 from $75 at Piper Jaffray
Piper Jaffray analyst Peter Keith lowered his price target for Tempur Sealy to $66 saying he's "incrementally less positive" following his firm's February survey work. Consensus Q1 sales and EBITDA estimates look too high, the Tempur-Adapt launch appears to be "delayed somewhat," and Mattress Firm has gained share as of late with its aggressive Presidents' Day weekend promotions, Keith tells investors in a research note. The analyst lowered his Q1 estimates for Tempur but keeps an Overweight rating on the name.
SNBR Sleep Number
$30.82

-0.38 (-1.22%)

04/20/18
RHCO
04/20/18
NO CHANGE
Target $32
RHCO
Hold
Sleep Number price target lowered to $32 from $35 at SunTrust
SunTrust analyst Keith Hughes lowered his price target on Sleep Number to $32 after the company posted a "weak" Q1, which he says increases expectation pressures for the second half of the year given that the management maintained its FY18 outlook. Hughes says the path to meeting that guidance is "difficult" despite the management's expectations of a turnaround, anticipating "heavy" buyback activity financed in part by debt being added to the balance sheet for the first time. The analyst keeps his Hold rating on Sleep Number.
04/19/18
04/19/18
DOWNGRADE

Market Perform
Sleep Number downgraded to Market Perform at Raymond James
As previously reported, Raymond James downgraded Sleep Number to Market Perform from Outperform following the Q1 miss and guidance. Analyst Budd Bugatch said he does not have confidence to forecast the acceleration needed to maintain his above consensus earnings estimates and said near-term trends could remain choppy, with ongong promotional activity from Mattress Firm, and Chinese mattress import growth.
04/19/18
RAJA
04/19/18
DOWNGRADE
RAJA
Market Perform
Sleep Number downgraded to Market Perform from Outperform at Raymond James
12/06/17
STFL
12/06/17
NO CHANGE
STFL
Stifel says Steinhoff news may be good for Tempur Sealy, bad for Leggett & Platt
Stifel analyst John Baugh noted that Steinhoff shares are down more than 60% in Frankfurt after its CEO resigned amid an investigation into irregular accounting practices. He believes the news could benefit Tempur Sealy (TPX), a sales competitor to Steinhoff's Mattress Firm, and could also benefit Sleep Number (SNBR) to a lesser extent. Baugh also thinks this could be bad news for Leggett & Platt (LEG), which has Steinhoff as an important customer.

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