UPDATE: Bank Of America Reiterates On Pier 1 Imports Inc On More Downside Risk

In a report published Friday, Bank of America analyst Denise Chai reiterated an Underperform rating on

, but lowered the price target from $13.00 to $12.00. In the report, Bank of America noted, “We are staying cautious on Pier 1 as we think its painful multi-year transition to omni-channel is just beginning. Our preferred name in home furnishings remains Williams-Sonoma, which we think has an enormous and enduring competitive advantage in e-commerce and customer analytics/personalized marketing. WSM is a pioneer of online retail, having launched its first e-commerce site in 1998. We are also cautious on Bed Bath and Beyond, as we think BBBY will see many of the same cost pressures as PIR in terms of e-commerce investments yet much less of a revenue lift given that BBBY's revenue is 6x that of PIR. BBBY reports Q2 earnings on Sept 23, and we see a risk that comps and margins continue to disappoint.” Pier 1 Imports Inc closed on Thursday at $12.66.