Pier 1 Imports (PIR) Ramps On Positive Analyst Commentary

October 5, 2012 11:04 AM EDT
Get Alerts PIR Hot Sheet
Price: $7.51 -2.59%

Rating Summary:
    5 Buy, 15 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Shares of Pier 1 Imports (NYSE: PIR) are sharply higher Friday following positive comments from analysts at Oppenheimer. The firm reiterated its Outperform rating, raised its price target from $20 to $25 and boosted FY12 and FY13 forecasts to $1.17 and $1.40 from $1.13 and $1.30 previously.

Analyst Brian Nagel said that while Pier 1 has been one of the best stocks in the Hardlines sector - rising 36% since December versus 16% for the S&P 500 - the story is just starting to take shape.

"Key initiatives such as the recent launch of e-commerce should serve to further
drive sales at the chain from still depressed levels back to prior peaks and beyond," he said. Underlying EPS power for the company is now greater than $2.00, the analyst also said.

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 are up 4.6 percent to $19.87.

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