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UPDATE: Barclays Upgrades Pier 1 Imports; Raises Price Target and EPS

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In a note released Tuesday, Barclays Upgraded Pier 1 Imports (NYSE: PIR) from Equal-weight to Overweight, raised the price target from $19 to $23, and raised 2014E and 2015E EPS from $1.23 to $1.25 and EPS from $1.45 to $1.50 respectively.

In addition to this, Barclays is estimating an 8-9 percent share buyback.

Analyst Alan M. Rifkin described the firms position on Pier 1 stating it's, "A compelling buying opportunity, with a unique combination of top-line momentum (+9% in 2014E),e-comm penetration (estimated to be 8% in 2014E vs. 5% in 4Q13) and EBIT margin expansion (+90 bps in 2014E)."

To support the idea of top-line growth Rifkin noted four factors:

  1. E-comm investments have likely peaked
  2. A sequential acceleration in comps is highly likely
  3. Merchandising strategy remains on track
  4. attractive housing industry fundamentals in 2014-15/OL>

    At last check, Pier 1 was trading up just over three percent for the session.

Latest Ratings for PIR

DateFirmActionFromTo
Jan 2015OppenheimerUpgradesMarket PerformOutperform
Jan 2015Credit SuisseUpgradesNeutralOutperform
Dec 2014Johnson RiceInitiates Coverage onOverweight

View More Analyst Ratings for PIR
View the Latest Analyst Ratings

Posted-In: Alan M. Rifkin BarclaysAnalyst Color Upgrades Price Target Analyst Ratings

 

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