Zacks Investment Research upgraded shares of CULP INC (CFI) from NEUTRAL to OUTPERFORM on June 27, 2012, with a target price of $12.10.
Culp, Inc. ranks as one of the two largest producers of mattress fabrics known as mattress ticking in North America, as measured by total sales, and one of the three largest marketers of upholstery fabrics for furniture in North America, again measured by sales. The company's fabrics are used primarily in the production of mattress sets and residential and commercial upholstered furniture including sofas, chairs, recliners, love seats, office seating, and panel systems. The company's operating segments are mattress fabrics and upholstery fabrics. In the upholstery fabrics segment, representative customers for residential furniture include La-Z-Boy, Furniture Brands Lane, Broyhill and Thomasville, Flexsteel and Basset and commercial furniture customers include HON Industries and Steelcase. Culp is a fully integrated marketer with manufacturing plants in North and South Carolina, Canada and China.
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