UPDATE: Deutche Bank Raises PT on Pier 1 Imports on E-Commerce Sales
In a report published on Friday, Deutsche Bank analyst Adam Sindler raised the price target on Pier 1 Imports (NYSE: PIR) from $25 to $29 and maintained a Buy rating.
In the report, Deutche Bank commented, "￼The focus on PIR's analyst day was “1 Pier 1,” a nod to its growing focus on ecommerce. Starting from base of $0 two years ago, we see ecommerce growth providing between 30% - 40% of PIR's annual sales growth over the next four years. Given the favorable margin implications, we see accelerated operating profit growth over this period, especially after PIR reaches critical mass and can leverage its recent investment. We maintain our Buy rating as we continue to believe the Street is under-estimating the true longer-term sales and earnings potential and that upward revisions to estimates should drive share price appreciation going forward."
Pier 1 Imports closed on Thursday at $24.65
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