Piper Sandler Cuts Leggett & Platt' Price Target By 11%

• Piper Sandler analyst Peter Keith lowered the price target on Leggett & Platt Inc (NYSE:LEG) to $38 from $43 (10% upside) and kept a Neutral rating on the shares.
• Keith noted Piper Sandler’s mattress retail survey for the month of March showed a 5% to 6% decline after a strong performance in February.
• The analyst specified that the weakness appears more concentrated at the low-end, but some retailers acknowledge some weakness at the high-end.
• In February, Leggett & Platt posted Q4 sales of $1.33 billion, beating the consensus of $1.29 billion.
• Price Action: LEG shares are trading lower by 3.14% at $34.55 on the last check Thursday.