Jefferies Cuts Price Target on Pier 1 Imports (PIR) Following 2Q Pre-Announcement
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Jefferies maintained a Hold rating on Pier 1 Imports (NYSE: PIR), and cut the price target to $4.25 (from $5.25), following the company's 2Q pre-announcement. Management pre-announced a Q2 comp and EPS miss, now expecting same store sales to be down 4.3% compared to the Street at -0.4% and guidance of -1% to +1%. EPS is expected to now be -$0.06 - $0.05, which is at the lower end of prior guidance of -$0.06 - $0.00.
Analyst Daniel Binder commented, "PIR pre-announced disappointing Q2 comp sales and guided to the lower end of the prior range. Store traffic remained weak and we believe this reflects a combination of retail sales growth slowing in this sector, greater competitive pressures and the company’s decision to be more balanced in its approach to promotions. PIR also announced that President and CEO Alex Smith will be stepping down at the end of the year with a CEO search underway."
Shares of Pier 1 Imports closed at $4.80 yesterday.
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