Wedbush Comments On Pier 1 Q1 Results

According to Wedbush, Pier 1 Imports

will report Q1 results before market open on Thursday, June 16. Wedbush said that On June 2, the company introduced guidance for Q1 EPS of $0.11- $0.12, which was above the estimate of $0.07 and consensus of $0.09. “Raising our price target to $15 (from $14.50), which assumes that PIR should trade at 17x our revised FY13 EPS estimate of $0.88, or at a premium to our projected 10%-15% longer-term earnings growth rate.” Pier 1 Imports closed yesterday at $10.97.