PRPL - Purple Innovation rallies after Q3 earnings topper solid outlook

UBS thinks Purple Innovation ([[PRPL]] +5.2%) maintained its momentum in Q3 and is off to a strong start in Q4. "The company's ~60% sales growth was driven by a 98% increase in DTC sales. Its unique bed continued to resonate with consumers as ASPs grew 14% YoY. We see significant run-way for further ASP expansion as PRPL expands its offerings at the premium end of the market (its ASP of ~$2,000 compares to TPX/SNBR's of ~$5,000). Importantly, demand has remained robust thus far in 4Q as trends have not been impacted much from any election related disruption. Further, the company is seeing consumers increasingly move back to the B&M channel and is deploying some of its capacity of fulfill that demand." UBS keeps a Buy rating on Purple Innovation and 12-month price target of $35.Previously: Purple Innovation EPS beats by $0.01, beats on revenue Read the Purple Innovation earnings call

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Purple Innovation rallies after Q3 earnings topper, solid outlook