Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Piper Jaffray Cuts Tempur-Pedic Opinion


Piper Jaffray cut its investment recommendation on Tempur-Pedic International (TPX) to market perform from outperform.

Analyst Michael Cox said that while high gas prices and low consumer confidence began to weigh on the company's discretionary spending, the magnitude of the company's sales slowdown makes it difficult to ignore growing competitive pressures in the visco-elastic marketplace. The analyst cut his $1.13 2005 earnings per share estimate to $1.03, which is below guidance as he thinks the company's third quarter 2005 forecasts could prove optimistic, as they reflect a sharp sequential sales increase in a seasonally slow period, and significant operating margin improvement in the face of continued high energy costs. The analyst cut his $1.38 2006 earnings per share estimate to $1.17, and his $28 target to $16.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus