Here's Why Shares of Tempur Sealy are Lower in Wednesday's Session

Shares of Tempur Sealy were lower Wednesday after saying that sales for the current quarter will be below its prior estimates.
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Shares of Tempur Sealy (TPX) - Get Report were lower Wednesday after the company said that sales for the current quarter will be below its prior estimates. The mattress company now says it expects sales for the year to decline between 1% to 3% from the same period last year. It also reduced its full-year outlook for adjusted EBITDA to be between $500 million and $525 million, which is lower than its previous forecast. Analysts with Longbow subsequently downgraded the stock to NEUTRAL from BUY, and Piper Jaffray cut its price target to $63 from $84.

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