UPDATE: Deutsche Bank Lowers it PT for Pier 1 Imports Based on Earnings Report

In a report published on Thursday Deutsche Bank analyst, Adam Sindler lowered the price target for

from $29 to $28 and maintained its Buy rating on the company. In the report Deutsche Bank commented, "PIR reported comps up 5.9% and total sales up 9.3%. While these were a bit below our estimates, merchandise margins were significantly better than expected. Expenses were also well controlled and EBIT flow through was a bit better than our forecast, which we had viewed as the key to the quarter. PIR reiterated its goal of $225 sales / ft by FY15, which implies comps should accelerate to back closer to the 7% range on average over the next 7 quarters. Lastly, the main catalyst, ecommerce, is still in the very early stages. With very low market share and the ecommerce building blocks almost fully in place, we maintain our Buy rating." Pier 1 Imports closed on Thursday at $23.15