SNBR - Why Sleep Number Stock Exploded Higher This Week
2023-07-21 13:15:00 ET
Week to date, shares of Sleep Number (NASDAQ: SNBR) were up 26% as of 11:17 a.m. ET on Friday, according to data provided by S&P Global Market Intelligence . Analysts at Wedbush raised the price target on the stock from $27 to $33, citing potential upside to the consensus second-quarter estimates for sales and margins.
Sleep Number hit a bump in its growth path last year due to rising inflation and supply disruptions. The company regularly delivered double-digit revenue and earnings growth leading up to the pandemic, but weakening sales trends sent the stock down with the broader market.
While sales were flat in the first quarter of 2023, management felt good about its execution. Specifically, the microchips used in the company's mattresses are in better supply now, which could improve sales and profitability.
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Why Sleep Number Stock Exploded Higher This Week