基本面出問題了!  看看S&P的分析:➤ TPX drastically reduced its revenue and earnings outlook for 2012 after sales in May were
significantly below its forecast due to increased competition. Despite TPX's effort to
strengthen its brand and to broaden its potential market, we think new competitors will gain
market traction with their aggressive price promotions. We also believe growth in the highend market segment has slowed, as some customers are becoming more budget conscious.
➤ Risks to our recommendation and target price
include prolonged economic weakness in Europe and the U.S., more competition in the visco-elastic category from larger manufacturers,
and cannibalization of premium brands that
would impair TPX's sales performance.
➤ Our 12-month target price of $33 is 11.8X our
2012 EPS estimate of $2.80. This multiple is at
the low end of TPX's historical average, reflecting what we expect to be slower revenue
growth and lower operating margins due to increased competition.

你可以回答出TPX的護城河在哪裡嗎？