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TPX

Tempur Sealy

$48.40

-0.87 (-1.77%)

, SNBR

Sleep Number

$34.64

-0.71 (-2.01%)

16:21
10/02/18
10/02
16:21
10/02/18
16:21

Mattress Firm to file for bankruptcy as soon as this week, Reuters says

Mattress Firm intends to file for bankruptcy protection as soon as this week as it aims to exit costly store leases and shore up its business as retailers struggle, Reuters reports, citing people familiar with the matter. Once the company files for bankruptcy, the process is expected to be finalized within a couple of months, and Mattress Firm's vendors are expected to be repaid in full, the report says. The company would shed some of its stores as part of the process, the report notes. Following the news, Tempur Sealy (TPX) shares rose 8.5%, while Sleep Number (SNBR) shares were fractionally higher. Reference Link

TPX

Tempur Sealy

$48.40

-0.87 (-1.77%)

SNBR

Sleep Number

$34.64

-0.71 (-2.01%)

TPX Tempur Sealy
$48.40

-0.87 (-1.77%)

08/20/18
WEDB
08/20/18
NO CHANGE
Target $65
WEDB
Outperform
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.
08/23/18
KEYB
08/23/18
UPGRADE
KEYB
Overweight
Tempur Sealy upgraded to Overweight from Sector Weight at KeyBanc
08/23/18
08/23/18
UPGRADE
Target $75

Overweight
Tempur Sealy upgraded to Overweight on Mattress Firm changes at KeyBanc
As previously reported, KeyBanc analyst Bradley Thomas upgraded Tempur Sealy to Overweight from Sector Weight, with a $75 price target. The analyst is increasingly positive on the stock given likely changes ahead at Mattress Firm. Thomas expects the closure of about 1,000 Mattress Firm stores, a potential 48c EPS tailwind, as well as reduced competitive dynamics. Moreover, a re-partnership with Mattress Firm could add $2.50-plus to EPS, he contended.
09/19/18
WEDB
09/19/18
NO CHANGE
Target $65
WEDB
Outperform
Antidumping petition could lead to relief for mattress cos, says Wedbush
A consortium of U.S. mattress manufacturers yesterday filed an antidumping duty petition with the U.S. Department of Commerce and the U.S. ITC against foam and innerspring mattresses imported from China. In a research note to investors, Wedbush analyst Seth Basham says antidumping duties over 200% could "tip the scales" back in favor of U.S. producers of low-end U.S. mattresses like Tempur Sealy's (TPX) Sealy, but says the impact for Sleep Number (SNBR) is "more limited" with no exposure to the low-mattress segment, and that Purple (PRPL) could benefit "modestly." The analyst believes that more important for Tempur Sealy is the fate of Mattress Firm (MFRM), the largest U.S. mattress retailer, which he continues to expect to file near-term for bankruptcy.
SNBR Sleep Number
$34.64

-0.71 (-2.01%)

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.
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.
07/26/18
PIPR
07/26/18
DOWNGRADE
Target $33
PIPR
Neutral
Sleep Number downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Peter Keith downgraded Sleep Number to Neutral and lowered his price target for the shares to $33 from $41. The Q2 earnings report was "inline with consensus but relatively disappointing," Keith tells investors in a research note. Despite a product line refresh, sales trends remain "surprisingly sluggish," the analyst contends. He believes this could be the result of escalating competition from low-price import mattresses and that his dynamic is "unlikely to change in any notable fashion."

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WIN

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$3.37

0.2 (6.31%)

, UNIT

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GLD

SPDR Gold Shares

$124.81

0.77 (0.62%)

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MDLZ

Mondelez

$48.17

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FN

Fabrinet

$55.23

0.67 (1.23%)

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UBER

Uber

$0.00

(0.00%)

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SPX

S&P 500

$0.00

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$0.00

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Oracle

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AKS

AK Steel

$2.98

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LPTX

Leap Therapeutics

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MPB

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DAL

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