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Fly News Breaks for January 29, 2020
SNBR, LEG, TPX
Jan 29, 2020 | 08:06 EDT
Piper Sandler analyst Peter Keith says industry tone at sentiment at the Las Vegas Market conference heading into the new year is the most bullish he can recall. His meetings included Tempur Sealy (TPX), Leggett & Platt (LEG), Sleep Number (SNBR), Serta Simmons, Nectar, and several other privately held companies. Conference participants noted a healthy consumer, increasing industry advertising spend, stable commodity pricing, and a rational competitive backdrop, Keith tells investors in a research note. Within the space, he continues to most favor Tempur Sealy, which he says remains in the "industry power position with significant momentum heading into 2020." Keith believes the mattress industry is in the best shape it has been in years. He has an Overweight rating on Tempur and Neutral ratings on both Leggett and Sleep Number.
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