Shares of mattress company Sleep Number (NASDAQ: SNBR) popped on Monday morning after an analyst raised their price target on the stock by 22%. As of 12:20 p.m. ET, Sleep Number stock was up 8.2% and is now up by about 88% from the multiyear low it touched a little more than a month ago.

Wedbush analyst Seth Basham is maintaining a neutral rating on Sleep Number stock. But according to MarketScreener, Basham raised his price target from $27 per share to $33 per share, reportedly citing his belief that sales and profits will both be better than expected.

Sleep Number stock now trades near Basham's updated price target. But that doesn't necessarily mean it's at the right level. Where it goes from here will depend on business updates and market sentiment. 

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Source Fool.com