UPDATE: Morgan Stanley Initiates Coverage On Pier 1 Imports On Balanced Risk/Reward
In a report published Tuesday, Morgan Stanley analyst Simeon Gutman initiated coverage on Pier 1 Imports (NYSE: PIR) with an Equal-Weight rating and $16.00 price target.
In the report, Morgan Stanley noted, “Following a choppy FY 2014 (EBIT margins fell 200 bps) we would have expected a modest rebound in FY 2015, starting in Q2 and continuing in the back half as compares ease. However, recent Q1 results show that PIR may be trading higher margin retail sales for lower margin eCommerce sales. This is happening amid a much more competitive and promotional home furnishings environment. We do not see the promotional intensity letting up in the nearterm.”
Pier 1 Imports closed on Monday at $15.39.
Latest Ratings for PIR
|Sep 2014||Bank of America|
|Sep 2014||BB&T Capital||Downgrades||Buy||Hold|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.