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.
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sleep country canada
Sleep Country Canada Income Fund says its third quarter profit increased nearly 14 per cent on higher sales.The Toronto-based mattress company said net income was $10.9 million or 78 cents per share in the three months ended Sept. 30 compared to $9.65 million or 69 cents for the same period last year. Sales in the quarter were $104.7 million compared to $97.75 million in the 2006 period.