Sleep Number (SNBR) PT Lowered to $2 at UBS

UBS analyst Dan Silverstein lowered the price target on Sleep Number (NASDAQ: SNBR) to $2.00 (from $4.00) while maintaining a Neutral rating.

The analyst commented, "Overall, SNBR's 1Q update indicated some degree of top-line improvement. March demand turned positive for the first time in two years. Its new products and creative marketing seem to be gaining some traction. But, this is unlikely to inspire confidence around SNBR's turnaround prospects against its short-term financing coming due at the end of 2Q. In turn, the market is likely pricing in more impairment risk and a wider range of outcomes from its strategic review process. To this end, visibility remains low while SNBR figures out its go-forward capital structure by 6/30. Our view is aligned with the market's. We lower our PT to $2 from $4 but maintain our Neutral rating. From here, the key will be SNBR's performance over the coming weeks, and how that might influence the set of outcomes available to it."

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