Wedbush analyst Seth Basham lowered the firm’s price target on Sleep Number to $12 from $23 and keeps a Neutral rating on the shares. The firm notes the company reported Q3 results that drastically missed expectations, sending shares sharply lower in after-hours trading. Demand dropped sharply in August and September, declining double-digits year-over-year vs. flat year-over in July resulting in a low-double-digit demand declines for the full quarter vs. the high-single-digit demand growth expected by the company.
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