Raymond James analyst Bobby Griffin lowered the firm’s price target on Tempur Sealy (TPX) to $55 from $57 and keeps a Strong Buy rating on the shares ahead of the Q3 earnings report. The firm lowered 2H24 and 2025 North America sales expectations to reflect recent industry commentary and channel checks, the analyst tells investors in a research note. While the recovery in U.S. mattress demand is taking longer than originally anticipated, Tempur Sealy continues to take share and is maintaining its dominating position within the U.S. market, and Raymond James views the risk/reward setup favorably.
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