UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Pier 1 Imports Loyalty Program-Driven Success

In a report published Monday, Jefferies analyst John Marrin reiterated a Buy rating on Pier 1 Imports

, and raised the price target from $25.00 to $28.00. In the report, Marrin noted, “Sales growth will continue to outperform consensus in the coming years as the loyalty program drives incremental spending along with e-com and the initiative to expand the assortment. Overblown concerns around GM and elevated SG&A have kept these shares from getting out too far ahead, but after PIR guides FY14 EPS to consensus in mid-April, we see a round of beats and raises pushing these shares higher over the next 12 months.” Pier 1 Imports closed on Friday at $22.79.