UPDATE: Wedbush Reiterates Pier 1 Imports at Outperform on Outlook for December Comps

Wedbush maintained Pier 1 Imports (NYSE: PIR) at Outperform with a $22 price target.

Wedbush noted, "Both in-store and online, traffic and conversion gained strength through Q3. Our checks during December found strong traffic driven by new and well-differentiated assortments and very high service levels. Importantly, sales growth continues to be strong across all merchandise categories, including furniture, which should bode well for 2013 as the housing market continues to recover."

Pier 1 Imports closed at $19.28 on Thursday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.