Piper Sandler lowered the firm’s price target on Sleep Number (SNBR) to $12 from $16 and keeps a Neutral rating on the shares following Q3 that saw EPS upside on gross margin, but a revenue miss as demand was -5% worse than company expected. The firm notes full year sales and EBITDA guidance were reduced as Sleep Number expects sales weakness to continue through year end.
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Read More on SNBR:
- Sleep Number Reports Q3 2024 Results Amid CEO Transition
- Sleep Number CEO says expected sequential improvement did not materialize
- Sleep Number sees Q4 gross margin 59%-60% vs. 60.8% in Q3
- Sleep Number CEO says need to be more efficient with media spend
- Sleep Number down 5% at $12.58 after Q3 results, reduced EBITDA view
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