Oppenheimer Reiterates Outperform, PT of $20 on Pier 1 Imports on Q1 Beat

Oppenheimer maintains its Outperform rating and price target of $20 on Pier 1 Imports PIR on another strong report. Oppenheimer says, "We look favorably upon the better-than-expected 1Q (May) comps and margins that PIR reported today. Over the past few years PIR has worked aggressively to improve merchandising and financial disciplines. The benefits of these efforts continue to play out in results at the chain. Comp sales rose 7% in 1Q and are now tracking more than 30% above levels from three years ago. Significant sales slack remains in the PIR business model. We expect that as top-line trends continue to improve a much more profitable chain will ultimately emerge. Our rating on PIR is Outperform." PIR closed at $17.14 on Wednesday.