UPDATE: Wedbush Reiterates Outperform Rating, Raises PT on Pier 1 Imports Ahead of Fiscal Q4 Sales Results
In a report published Friday, Wedbush reiterated its Outperform rating on Pier 1 Imports (NYSE: PIR), and raised its price target from $22.50 to $25.00.
Wedbush noted, “December comps were up a strong 8.2% vs. a tough 11.3% –better than our forecast for up 7% and guidance for Q4 comps up in mid-single digits. Sales growth for the month was driven by strong traffic and an increase in average ticket. Momentum was said to be strong throughout the month, including during the days after Christmas, and sales were strong across all parts of the country. 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 into 2013 as the housing market continues to recover.”
Pier 1 Imports closed on Thursday at $22.41.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.