Sleep Number price target raised to $32 from $30 at Piper Sandler

Piper Sandler analyst Peter Keith raised the firm’s price target on Sleep Number to $32 from $30 and keeps a Neutral rating on the shares. The company reported a “modestly disappointing” Q2 report, as demand trends in the quarter were modestly weaker than expected, and second half guidance bakes in a notable acceleration in demand, the analyst tells investors in a research note. Piper says that while Sleep Number’s guidance “looks a bit aggressive,” its gross margin is showing signs of recovery back to 60% in the near-term.