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TPX

Tempur Sealy

$55.57

1.08 (1.98%)

07:19
08/20/18
08/20
07:19
08/20/18
07:19

Potential Mattress Firm sale points to further upside for Tempur, says Wedbush

Wedbush analyst Seth Basham notes that the New York Post reported that two private equity firms, Advent International and Thomas H. Lee Partners, are exploring takeover bids for Mattress Firm following a bankruptcy. The analyst views the news positively for Tempur Sealy, as it would facilitate partnerships with non-Mattress Firm retailers in the event of an Advent acquisition or the reestablishment of a partnership with Mattress Firm in the event of a THL Partners takeover. In the event that neither firm buys out Mattress Firm, Basham also sees Mattress Firm's bankruptcy as a positive for Tempur Sealy, worth $30M-$50M of incremental EBITDA based on 600-1,000 Mattress Firm store closures, and sees potential for further upside depending on which of these scenarios unfolds. The analyst reiterates an Outperform rating and $65 price target on Tempur Sealy shares.

TPX Tempur Sealy
$55.57

1.08 (1.98%)

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.
07/10/18
WEDB
07/10/18
NO CHANGE
Target $65
WEDB
Outperform
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.
08/08/18
PIPR
08/08/18
NO CHANGE
Target $65
PIPR
Overweight
Tempur remains top idea at Piper amid potential Mattress Firm bankruptcy
Should Mattress Firm declare bankruptcy, as reported Monday by Reuters, the company would likely promptly close a material percentage of its stores in order to clean up its real estate portfolio, get out of bad leases, and improve cash flow and profitability, Piper Jaffray analyst Peter Keith tells investors in a research note. All in, he believes Mattress Firm store closures can result in $65M of incremental wholesale dollars for Tempur Sealy, and an EBITDA lift of greater than $25M. Further, Keith sees a "reasonable likelihood" of a Tempur, Mattress Firm reconciliation if Mattress Firm were to enter bankruptcy. The analyst says Tempur Sealy remains his favorite risk/reward idea for the next 12 months with potential for downside of 25% and potential upside of 80%. Keith keeps an Overweight rating on the shares with a $65 price target.
08/16/18
PIPR
08/16/18
NO CHANGE
Target $65
PIPR
Overweight
Reported Mattress Firm buyout 'positive' for Tempur Sealy, says Piper Jaffray
Piper Jaffray analyst Peter Keith notes that the New York Post reported that two private equity firms are exploring takeover bids for Mattress Firm, namely Advent International and THL Partners. The analyst believes that Mattress Firm coming under new ownership is a "significant positive" for Tempur Sealy. Keith also thinks a Mattress Firm buyout by Advent is ultimately the best outcome for Tempur Sealy as it would likely allow it to gain a significant number of slots at non-Mattress Firm retailers. Mattress Firm bankruptcy and Mattress Firm/Tempur Sealy reconciliation would provide an incremental $100M of EBITDA to the latter, he contends. Keith reiterates an Overweight rating and $65 price target on Tempur Sealy's shares.

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