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Tempur Sealy price target raised to $79 from $73 at BofA

BofA raised the firm’s price target on Tempur Sealy (TPX) to $79 from $73 and keeps a Buy rating on the shares. Following the company’s acquisition of Mattress Firm, the firm believes Tempur Sealy – which is being renamed “Somnigroup (SGI)” – offers “a rare combination of quality and resilience with upside torque,” the analyst tells investors. The firm thinks Tempur and Mattress Firm will benefit from competitor consolidation and retrenchment over the last several years, the analyst added. Separately, BofA is adding Tempur Sealy to the “US 1 List,” which is intended to represent a collection of the firm’s best investment ideas.

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