SNBR - Sleep Number slips after Piper Sandler downgrades on Q1 earnings miss and weak demand trends

Sleep Number (NASDAQ:SNBR) sinks after Piper Sandler downgraded shares to Neutral from Overweight with a price target of $49 from $62 following Q1 earnings miss and guidance cut. Analyst Peter Keith lacks confidence in the company's updated guidance for demand growth of 0%-3% for rest of year. He says that the company's premium products are not impervious to weakening consumer demand trends and believes the results "are likely going to be quite messy well into 2023. " Shares are currently trading near its 52-week low.

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Sleep Number slips after Piper Sandler downgrades on Q1 earnings miss and weak demand trends