Why Casper Sleep Stock Rallied 28% at the Open Today
Shares of Casper Sleep (NYSE: CSPR), which makes mattresses, beds, pillows, and sheets, rose a quick 28% when trading got under way on April 26. That massive gain in the first half hour of trading wasn't driven by news out of the company, but by an analyst upgrade.
Investors tend to like it when analysts make positive calls on stocks, so it's not shocking that Casper rose on the news of a Wedbush upgrade. While the price target improvement wasn't all that large on an absolute basis, with the analyst taking the call from $10 per share to $10.50, the stock closed out the prior day of trading at roughly $7 per share, so there's notable upside if the Wedbush analyst's target proves accurate, even after today's rather large early gains.
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Source Fool.com
