Tempur Sealy price target raised to $76 from $65 at Piper Sandler

Piper Sandler analyst Peter Keith raised the firm’s price target on Tempur Sealy (TPX) to $76 from $65 and keeps an Overweight rating on the shares. The firm says that the probability of TPX acquiring Mattress Firm now looks extremely likely following the decision by the U.S. Federal Court on Friday evening to allow the acquisition to proceed. While the FTC has 7 days to appeal, the FTC’s historic success with appeals is very low. Piper sees notable EPS accretion from the deal of $1.40-$1.90 over 3 years, equating to significant EPS power for Tempur of $5.50-$6.00 by 2027.