Jefferies Raises price Target on Pier 1 Imports (PIR) Following 2Q Report
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Checkpoint Software (CHKP) PT Raised to $94 at Stifel Following 4Q Beat
- J.B. Hunt Transport Services (JBHT) PT Lowered to $99 at UBS Following 4Q EPS Miss
- BofA/Merrill Lynch Upgrades CF Industries (CF) to Buy, Says "Consensus Estimates Now Beatable"
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!