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TPX

Tempur Sealy

$47.87

0.03 (0.06%)

, SHLD

Sears

$0.31

-0.0901 (-22.52%)

17:44
10/15/18
10/15
17:44
10/15/18
17:44

Tempur Sealy: Sears represented less than 5% of company's global net sales

In connection with the announcement that Sears Holdings (SHLD) and certain of its subsidiaries have filed for bankruptcy protection, Tempur Sealy (TPX) is disclosing its credit exposure and sales volume related to Sears. Sears represented less than 5% of the company's global net sales and less than $5M of its accounts receivable exposure as of September 30, 2018. Tempur Sealy Chairman and CEO Scott Thompson commented, "Our products are broadly distributed across many channels so consumers can choose where and how they wish to shop. We continue to work closely with Sears during their restructuring process while managing our related financial and operational risks."

TPX

Tempur Sealy

$47.87

0.03 (0.06%)

SHLD

Sears

$0.31

-0.0901 (-22.52%)

TPX Tempur Sealy
$47.87

0.03 (0.06%)

10/05/18
KEYB
10/05/18
NO CHANGE
Target $75
KEYB
Overweight
Mattress Firm bankruptcy positive for Tempur Sealy, says KeyBanc
KeyBanc analyst Bradley Thomas sees this morning's announced Chapter 11 bankruptcy by Mattress Firm as a positive for Tempur Sealy. The news increases the likelihood of a re-partnership between the two companies, which would be a "major upside catalyst" for Tempur, Thomas tells investors in a research note. He believes both Mattress Firm and Tempur could benefit from a re-partnership, and that such an event could be a $2-plus earnings per share benefit to Tempur. The analyst reiterates an Overweight rating on the shares with a $75 price target. The stock in midday trading is down 3%, or $1.43, to $49.85.
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.
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
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.
SHLD Sears
$0.31

-0.0901 (-22.52%)

10/12/18
MKMP
10/12/18
NO CHANGE
Target $31
MKMP
Neutral
L Brands visibility remains low despite better Sept comps, says MKM Partners
MKM Partners analyst Roxanne Meyer kept her Neutral rating and $31 price target on L Brands (LB), saying that while the company reported better than expected same store sales in September and its Victoria's Secret brand comps turned positive, its visibility remains low. The analyst lists potential catalysts for L Brands being a "strong performance of pajamas in Q4 and the reintroduction of swimwear" at VS, but also points to her "newest concern" being the likelihood of a Sears (SHLD) liquidation, which would then reduce traffic at malls where the company also has retail presence.
10/12/18
MSCO
10/12/18
NO CHANGE
Target $1.5
MSCO
Equal Weight
Morgan Stanley sees near-term pressure, long-term gain for Penney if Sears folds
Amid recent headlines regarding Sears (SHLD) adding a restructuring expert and reportedly pursuing a bankruptcy filing, Morgan Stanley analyst Kimberly Greenberger noted that she believes J.C. Penney (JCP) had the highest store overlap with Sears, K-Mart, and Sears Specialty Stores within both a quarter mile and half mile radius. If Sears closes additional stores or engages in liquidation sales, retailers in the close trade areas could experience some short-term pressure, said Greenberger, who added that Sears has already been closing stores for years. In the medium to long-term, she expects J.C. Penney and other retailers in the respective trade areas to potentially benefit from these closures. Greenberger, who views Penney's near-term debt maturities as "manageable," keeps an Equal Weight rating and $1.50 price target on the shares.
09/24/18
WELS
09/24/18
NO CHANGE
WELS
Outperform
Newell weakness on potential Sears bankruptcy fears overdone, says Wells Fargo
Wells Fargo analyst Bonnie Herzog believes today's weakness in shares of Newell Brands (NWL) is likely due to concerns about a potential bankruptcy of Sears (SHLD) as well as ongoing China tariff negotiations. However, she views the move as a "complete overreaction," arguing that Newell's exposure to Sears is fairly limited. Herzog, who sees today's weakness as overblown and would be a buyer amid the weakness, reiterates her Outperform rating on Newell shares, which are down 7% to $20.28 in late morning trading.
05/09/18
JEFF
05/09/18
NO CHANGE
Target $60
JEFF
Hold
Sears-Amazon tire partnership not a negative for Monro, says Jefferies
Jefferies analyst Bret Jordan kept his Hold rating and $60 price target on Monro (MNRO) after its stock price fell over 7.5% today to $52.70, saying Sears (SHLD) partnership with Amazon (AMZN) on tire installation and services is a not "transformational negative". Jordan notes that the greater transparency and price matching is not new, while Monro is "already an installer for other online sellers such as Tirerack and ATD's tirebuyer.com". The analyst adds that the agreement is not exclusive, leaving the "door open" for Monro to enter into a similar deal.

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We Company

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ADVM

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COP

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MRK

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PFE

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