Credit Suisse Downgrades Pier 1 Imports (PIR) to Underperform

September 8, 2016 6:44 AM EDT
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Price: $7.56 -1.69%

Rating Summary:
    5 Buy, 15 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 29 | New: 23
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Credit Suisse downgraded Pier 1 Imports (NYSE: PIR) from Neutral to Underperform with a price target of $4.00 (from $4.50).

Analyst Seth Sigman commented, "We are lowering our rating from Neutral to Underperform based on PIR's weaker Q2 sales results, its continued underperformance relative to the industry, the risk of more aggressive promotional activity to improve sales which could derail the margin improvement story, and management uncertainty with CEO Alex Smith's expected departure."

The firm lowered 2016 EPS to $0.24 (from $0.38) vs. guidance of $0.32-0.40, and EBITDA to $100.3 million (from $120.1 million), based on revised comps of -2.3% for the year (from +0.1%) vs. prior guidance of -1% to +1%.

For an analyst ratings summary and ratings history on Pier 1 Imports click here. For more ratings news on Pier 1 Imports click here.

Shares of Pier 1 Imports closed at $4.80 yesterday.

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