Deutsche Bank Reiterates Buy Rating, $25 PT on Pier 1 Imports
In a report published Wednesday, Deutsche Bank reiterated its Buy rating and $25.00 price target on Pier 1 Imports (NYSE: PIR).
Deutsche Bank noted, “As part of our roll-out, we discussed the recent industry strength as a significant recent driver of comp strength for PIR, and the potential headwinds that could pose going forward. Upon further review we in fact believe that the recent industry trends are just the start of a recovery from peak spending, as both total dollars and sales per capita have declined well below peak as compared to every other channel reported in the monthly government NAICS results. This further supports our Buy rating, especially considering PIR's very low market share.”
Pier 1 Imports closed on Tuesday at $19.91.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.