Tempur Sealy (TPX) PT Raised to $60 at Stifel; Reiterates Hold

Stifel raised its price target on Tempur Sealy (NYSE: TPX) to $60.00 (from $47.00) while maintaining a Hold rating. Analyst John Baugh believes that Q3 is off to a strong start and is impressed with the rate of share recapture. Despite a difficult April, TPX’s North American revenues in the quarter excluding Mattress Firm were up an impressive 10%.

Stifel raised top and bottom line assumptions for TPX materially in light of the order strength recovery exclusive of Mattress Firm. 2018 EBITDA forecasts move from $420 million to $461 million.

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