UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PO on Pier 1 Imports

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In a report published Friday, Bank of America Merrill Lynch reiterated its Buy rating on Pier 1 Imports
PIR
, and raised its price objective from $21.00 to $25.00. BofA Merrill Lynch noted, “Encouragingly, the launch of PIR's fully transactional e-commerce was successful, and management noted increased site traffic and positive consumer response. In addition, the company's loyalty program, under its new partnership with ADS, is progressing well with 2Q being the first full quarter. Going forward, we believe PIR will continue to gain traction on both online and loyalty card fronts and expect additional benefits, complemented by its continued store enhancements through its refurbish/remodel programs.” Pier 1 Imports closed on Thursday at $19.30.
Posted In: Analyst ColorPrice TargetAnalyst RatingsBank of America Merrill Lynch
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