Sleep Number price target lowered to $11 from $12 at Piper Sandler

Piper Sandler lowered the firm’s price target on Sleep Number (SNBR) to $11 from $12 and keeps a Neutral rating on the shares following a disappointing Q4 print. While EBITDA improved year-over-year, sales during Q4 got worse despite an improved industry backdrop as Sleep Number cut marketing spend to prioritize cash flow, the firm says.