Sleep Country Downgraded
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In this trying times, companies like Sleep Country, which is currently experiencing a slump based on this report below, is expected by market analysts to continue to underperform and has been given a downgrade rating.
Analyst Adam Clark of BMO Capital Markets has lowered his rating on mattress retailer Sleep Country Canada Income Fund and cut his target price on the units to $18 from $23.
“We are downgrading Sleep Country to underperform (from market perform) based on our increased concern that consumer spending could slow in Canada due to a slowing U.S. economy, slowing housing market and tightening credit markets,” he wrote in a note to clients.
“We believe that in a slowing economic environment consumers are more likely to curtail spending on higher ticket items such as mattresses.”
Read the rest after this jump.
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