Shares of mattress companies are doing very well today, with Mattress Firm Holding (MFRM), Tempur-Pedic International (TPX) and Select Comfort (SCSS) up 12%, 7.7% and 6.4%, respectively.
It seems the sector has been boosted by Mattress Firm’s 2013 outlook, which it delivered late yesterday after reporting a drop in fourth-quarter profit.
Mattress Firm President and CEO Steve Stagner said fiscal 2012 was a record year for the company and with the integration of the acquired stores substantially complete, it expects to make gains in the current year…
Raymond James analyst Budd Bugatch said the outlook was better than he expected it would be and boosted his rating for Mattress Firm stock to “Outperform” from “Market Perform.” He added that he’s also happy that the company plans to focus on integrating the acquisitions it’s already made, rather than making additional ones, at least for a while.
KeyBanc analyst Bradley Thomas backed his “Buy” rating for Mattress Firm and boosted his price target by $3 to $37, saying that he’s optimistic that the company’s guidance will turn out to be conservative. He added that he expects the company’s sales figures to pick up as the year progresses and comparisons get easier.
In the absence of other news, it seems the positivity around Mattress Firm is helping its peers.
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