Standpoint Research Starts Tempur-Pedic (TPX) at Buy

Standpoint Research initiates coverage on Tempur-Pedic (NYSE: TPX) with a Buy. PT $68.00.

The firm said, "The recent market correction has dragged TPX shares down from $75 to $53, creating an attractive entry point for investors with an 18-36 month time horizon. In our opinion fair value for TPX looking out to 2012-2013 is 17X $4.00 in EPS potential. TPX was on our short shopping list of names we were hoping would come down in a market slide. Our price target is $68 and that would represent a retracing of two-thirds ($15) the ($22) drop since July 27."

For more ratings news on Tempur-Pedic click here and for the rating history of Tempur-Pedic click here.

Shares of Tempur-Pedic closed at $54.20 yesterday.

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