Piper Sandler has revised its price target for Leggett & Platt (LEG, Financial), reducing it from $12 to $9 while maintaining a Neutral rating on the company's stock. This adjustment follows their PSC Mattress Retailer survey for March, which indicated that sales were flat or slightly down by 0.9% on average compared to the previous year—a notable improvement from February figures.
Despite this improvement, Piper Sandler notes that when accounting for calendar adjustments such as the Leap Day and the Easter shift, sales for both months appear to trend in the mid-single-digit negatives year-over-year. Overall, first-quarter sales declined by approximately 1%, marking a minor decrease from the fourth quarter's performance.
Looking forward, Piper Sandler anticipates a surprisingly positive outlook for the second quarter, despite potential challenges such as the impact of the Easter shift on April sales and waning consumer confidence. These factors contribute to a cautious but hopeful perspective on the near-term sales trajectory for Leggett & Platt.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 3 analysts, the average target price for Leggett & Platt Inc (LEG, Financial) is $11.67 with a high estimate of $12.00 and a low estimate of $11.00. The average target implies an upside of 67.87% from the current price of $6.95. More detailed estimate data can be found on the Leggett & Platt Inc (LEG) Forecast page.
Based on the consensus recommendation from 4 brokerage firms, Leggett & Platt Inc's (LEG, Financial) average brokerage recommendation is currently 3.0, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Leggett & Platt Inc (LEG, Financial) in one year is $23.90, suggesting a upside of 243.88% from the current price of $6.95. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Leggett & Platt Inc (LEG) Summary page.
