UPDATE: Piper Jaffray Raising Price Target On Tempur-Pedic Int'l (TPX)

Piper Jaffray is raising its price target on shares of Tempur-Pedic Int'l TPX to $68 from $51, and is reiterating its Overweight rating on shares. In a note to clients, Piper Jaffray writes, "Last night, Tempur-Pedic pre-released positive March quarter earnings results and raised full-year 2011 guidance. Updated guidance calls for sales of $325M (+28% Y/Y) and was well above consensus of $289M (+14% Y/Y). EPS guidance of $0.67-$0.68 was also above consensus of $0.58. Both North America and International segments grew sales and operating profits above expectations. We trimmed our 2011 GM by 120bps as oil and other commodities continue to move higher. We increased our CY11E EPS from $2.71 to $3.00 and CY12 from $3.20 to $3.40. We view TPX as one of our top picks. PT increased to $68 based on 20x CY12E EPS." Shares of TPX gained $5.46 yesterday in after-hours to $56.45, a gain of 10.7%.