Piper Sandler analyst Peter Keith upgraded Tempur Sealy to Overweight from Neutral with a price target of $61, up from $41. Tempur has become a dominant operator within the mattress industry, with a multi-year growth outlook that is becoming highly attractive to long-term investors, the analyst tells investors in a research note. The firm says industry demand is trending toward stabilization and could see strong growth over the next two years given unit demand is at 2016/2017 levels. The company is entering 2024 with its strongest product line-up in years, which should provide sales benefits through 2025, adds Piper.
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