KeyBanc raised the firm’s price target on Somnigroup (SGI) to $97 from $90 and keeps an Overweight rating on the shares. With Q2 earnings season complete, the firm dives into key factors investors should consider into year-end, specifically the Holiday 2025 Setup and Initial 2026 Outlook. KeyBanc sees encouraging BTS and underlying trends bode well for Holiday, but acknowledges there is risk of a Nov/Dec “air pocket” for discretionary categories, like Furniture, given tougher comparisons. The firm is optimistic for 2026 due to monetary and fiscal stimulus. With that said, KeyBanc sees some lingering tariff risk, with timing of margin and price increases still on the horizon in 2025 and 2026.
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