Piper Sandler raised the firm’s price target on Sleep Number to $16 from $12 and keeps a Neutral rating on the shares. The firm notes the PSC Mattress Survey for August was modestly positive relative to performance in prior months, with sales -3.8%/-4.0% on a mean/median basis — a few points of improvement from both June and July. Negative year-over-year sales trend continues to be unit driven, with strength coming from average ticket growth.
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Read More on SNBR:
- Sleep Number price target raised to $12 from $10 at Wedbush
- Sleep Number says continuing to drive operating efficiencies despite soft demand
- Sleep Number down 5% at $11.20 after Q2 results and guidance
- Sleep Number sees Q3 revenue down ‘low to mid single digits’ vs. $473M last year
- Sleep Number says now expects demand to be flat to down low single digits