Tempur Sealy price target lowered to $50 from $55 at Wedbush

Wedbush lowered the firm’s price target on Tempur Sealy to $50 from $55 and keeps an Outperform rating on the shares. Tempur Sealy’s results missed expectations on the top- and bottom-lines, while Q4 sales and margin guidance also came in below forecasts, the analyst tells investors in a research note. The firm sees room for further gross margin expansion in Q4 and into 2024 with incremental benefits from Tempur Sealy’s new, more favorable, supplier contracts and operational efficiencies that are gaining momentum.