Tempur-Pedic (NYSE:TPX) Gets PT, EPS Raise on Outlook, New Products

Tempur-Pedic (NYSE:TPX) had their price target and EPS estimate upwardly revised by Wedbush, based on a better macro outlook and new product lines introduced by the company for 2011.

With the mattress industry expected to recover some this year, Tempur-Pedic has positioned themselves to ride the trend with the release of new lines in the U.S. and European markets.

In Europe they're releasing what is being called their Cloud line, and in the U.S., they'll replace their original line with what they're calling Contour.

Wedbush raised their full year 2011 EPS estimate from $2.52 to $2.70 on Tempur-Pedic.

Tempur-Pedic also announced in their recent earnings report that they're going to repurchase $200 million in shares of the company.

Wedbush maintains their "Outperform" rating on Tempur-Pedic, which was trading at $42.86, gaining $3.46, or 8.78 percent, as of 1:09, PM EST. Wedbush raised their price target on Tempur-Pedic from $44 to $49.