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TPX

Tempur Sealy

$53.69

5.295 (10.94%)

08:06
10/04/18
10/04
08:06
10/04/18
08:06

Tempur Sealy finalizes agreement on Danish tax dispute

Tempur Sealy has executed an agreement between the Company, the U.S. Internal Revenue Service and the Danish Tax Authority with respect to income tax assessments from SKAT for the disputed tax years 2001 to 2011. As discussed in the Company's periodic reports filed with the U.S. Securities and Exchange Commission, the Company had received significant income tax assessments from SKAT for prior tax years that the Company had disputed. The tax assessments related to the appropriate royalty rate to be paid to the Company's Danish subsidiary for the right to utilize certain intangible assets owned by the Danish subsidiary. The resolution reached in the three-party agreement is consistent with the Company's tax liability disclosed in its previously filed financial statements, which is significantly less than the amounts originally assessed by SKAT. The settlement will not have a material impact on the Company's financial position or liquidity as the Company maintains funds equal to the estimated Danish tax liability on deposit with SKAT. The Company's go forward effective tax rate is not expected to be materially impacted by the agreement. The Company is in the process of entering into negotiations with the U.S. Internal Revenue Service and SKAT to reach a mutual agreement with respect to the appropriate royalty rates for years after 2011. The outcome of these discussions is not expected to have a material impact on the Company's results of operations, liquidity or financial position.

TPX Tempur Sealy
$53.69

5.295 (10.94%)

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.
10/03/18
UBSW
10/03/18
UPGRADE
Target $55
UBSW
Neutral
Tempur Sealy upgraded to Neutral from Sell at UBS
UBS analyst Michael Lasser upgraded Tempur Sealy International to Neutral and raised his price target for the shares to $55 from $45. A potential Mattress Firm bankruptcy is likely to be positive for Tempur, Lasser tells investors in a research note. The analyst estimates that if Mattress Firm were to close 500-1,000 stores, Tempur could generate an incremental $25M in EBITDA for fiscal 2018. He believes the bankruptcy could help Tempur Sealy regain some market share it lost in the past 18 months.
10/03/18
PIPR
10/03/18
NO CHANGE
Target $65
PIPR
Overweight
Mattress Firm report 'notable positive' for Tempur Sealy, says Piper Jaffray
The Reuters report last night that Mattress Firm is preparing to file bankruptcy as soon as this week is a "notable positive" for Tempur Sealy International, Piper Jaffray analyst Peter Keith tells investors in a research note. The analyst expects Mattress Firm will close a number of stores under a bankruptcy plan. Keith's prior analysis suggests Tempur could see incremental EBITDA of $100M from Mattress Firm store closures and reentering the company's stores. He believes the potential bankruptcy should limit Tempur share downside in the near term, and he sees potential for 80%-90% upside should reconciliation occur. Keith keeps an Overweight rating on the shares with a $65 price target.
10/03/18
10/03/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Tempur Sealy (TPX) upgraded to Neutral from Sell at UBS with analyst Michael Lasser saying a potential Mattress Firm bankruptcy is likely to be positive for Tempur. 2. Stifel Financial (SF) upgraded to Outperform from Market Perform at JMP Securities with analyst Devin Ryan saying while he is not overly dismissive of the market's concerns, he believes some misconceptions exist and also thinks the stock is more than reflecting the worries, leaving the bar "incredibly low" now. 3. Wingstop (WING) upgraded to Buy from Neutral at Guggenheim with analyst Matthew DiFrisco saying he has increased confidence in Wingstop's ability to support mid-single digit same-store sales growth and double-digit expansion through 2025 following the meetings. 4. Intuit (INTU) upgraded to Outperform from In Line at Evercore ISI. 5. Michael Kors (KORS) upgraded to Buy from Neutral at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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