Somnigroup International Inc (NYSE:SGI) is one of billionaire David Abrams’ top stock picks with upside potential.
Somnigroup shares are up around 16% over the past month, and the Street sees the shares soaring at least 25% from the current level over the next 12 months
Some 63 hedge funds have confidence in Somnigroup stock. According to some Wall Street experts, Somnigroup International Inc (NYSE:SGI) stands to benefit from the bankruptcy of its competitor, Sleep Number Corporation. On June 12, Sleep Number filed for bankruptcy as its debt ballooned and losses mounted.
The company blamed inflation, tariffs, and supply chain disruptions for its woes. In Q1 2026, Sleep Number posted a net loss of $50 million on net sales of $319 million. Canadian bedding company Sleep Country Canada has offered to buy Sleep Number assets for $415 million.