Jefferies Raises price Target on Pier 1 Imports (PIR) Following 2Q Report
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Jefferies reiterated a Hold rating on Pier 1 Imports (NYSE: PIR), and raised the price target to $4.50 (from $4.25), following the company's 2Q earnings report. Merchandise margins were in line with guidance on a more balanced promotional posture and improved distribution center efficiency.
Analyst Daniel Binder commented, "Q2 results in line with pre-announcement. 2H guidance looks achievable in light of the +LSD comp thus far in Sept. and the easier y-y compare. Initiatives across loyalty, registry, marketing, financing and merchandising may also be providing tailwinds. Ultimately we still believe the company needs to improve its everyday value proposition in a more competitive market. But this will require cost out initiatives in sourcing and supply chain."
Shares of Pier 1 Imports closed at $4.27 yesterday.
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