SNBR - Are Sleep Number Stock Investors in for a Rude Awakening?
Mattress stocks aren't always sleepy investments. Shares of Sleep Number (NASDAQ: SNBR) have soared 114% since the company posted blowout third-quarter results nearly four months ago. It will wrap up its fiscal year with next week's fourth-quarter numbers, and at least one Wall Street pro is concerned heading into next Wednesday's report.
Seth Basham at Wedbush is jacking up his price target on the stock from $52 to $120, but this isn't as bullish a move as it may seem. The stock cracked the $120 ceiling on Monday, hitting another all-time high on Tuesday. Basham's running alongside the stock, but he's sticking with his neutral rating on Sleep Number. He's surprised to see the shares more than doubling since its last earnings call. Even a fellow Wall Street pro downgrading the stock last week isn't slowing its ascent. Will Sleep Number earn these upticks? We'll find out next week.
Image source: Sleep Number.
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Are Sleep Number Stock Investors in for a Rude Awakening?