Oppenheimer Maintains Outperform Rating, $20 PT for Pier 1 Imports
In a company update published earlier today, Oppenheimer Holdings maintained its Outperform rating and $20.00 price target for Pier 1 Imports Inc. (NYSE: PIR).
Oppenheimer went on to say “We have recommended PIR as one of the most compelling small cap investment stories in the Hardlines Sector for some time. PIR does not discuss business trends intra-quarter. The company is set to report Q1 (May) sales in early June. Management's tone remains quite constructive. Sales volumes at PIR have rebounded, but remain well below prior peaks and are still tracking at a significant discount to the potential of this now much better managed chain. PIR should benefit from easing input costs and more moderate fuel prices over the next few quarters. The forthcoming launch of e-commerce should ultimately prove a meaningful driver of better traffic to PIR stores.”
Pier 1 Imports Inc. closed yesterday at $16.64.
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