UPDATE: Wedbush Raises PT on Tempur-Pedic International to $63 (TPX)

Wedbush is out with its report today on Tempur-Pedic International TPX, raising its PT from $49 to $63. In a note to clients, Wedbush writes, "Reiterate OUTPERFORM as we expect TPX to be a strong beneficiary of market share gains from new products and internal execution as the mattress industry continues to recover. We remain positive on 1) new product introductions (expect Cloud line and new Contour line to gain momentum in 2011), 2) improved selling strategy at retail, and 3) new marketing initiatives, all resulting in higher sales and earnings. Raising our price target to $63, which assumes TPX should trade at 18x our revised 2012 EPS forecast of $3.50." At the time of posting, shares of TPX were trading pre-market at $56.39, up 10.59% from Thursday's close.