Deutsche Bank Reiterates Buy Rating, $25 PT on Pier 1 Imports After 4Q13 EPS
In a report published Friday, Deutsche Bank analyst Adam Sindler reiterated a Buy rating and $25.00 price target on Pier 1 Imports (NYSE: PIR).
In the report, Sindler noted, “PIR reported 4Q13 EPS of $0.60 on comps up 7.9%, in line with the updated guidance provided in the 4Q13 sales release. Merchandise margins remained strong, offset a bit by the impact of ecommerce (zero margin shipping), and expenses were well controlled given the investments in the business. While guidance was below FactSet consensus, we believe this was the right move as expense expectations were too low, and are now reset. We believe this better positions PIR to beat on the bottom line when comps are better than expected. We maintain our Buy rating as the long-term thesis remains intact and as we see several exciting developments taking place near-term as well.”
Pier 1 Imports closed on Thursday at $23.16.
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