Piper Sandler says that news reports suggest the FTC is getting ready to file a suit to block Tempur Sealy’s proposed acquisition of Mattress Firm. Piper believes the FTC decision to block was largely expected, and moving past this decision removes a negative overhang on shares. Bottom-line, the firm thinks Tempur Sealy’s shares currently look attractive with or without the Mattress Firm acquisition. It still expects Tempur Sealy to pursue litigation and ultimately win in court. Piper has an Overweight rating on Tempur Sealy’s stock with a price target of $61.
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