UPDATE: Oppenheimer Downgrades Pier 1 Imports (PIR) to Perform
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(Updated - September 8, 2016 9:47 AM EDT)
Oppenheimer downgraded Pier 1 Imports (NYSE: PIR) from Outperform to Perform and removed its price target (prior $6.00). Analyst Brian Nagel sees increase uncertainty following its Q2 update.
Nagel said, "Last night, Pier 1 Imports (PIR) pre-released fiscal Q2 (Aug.) comp results below prior guidance and announced that the company’s long-standing CEO Alex Smith will part ways with the company in Dec. From 2007 to 2013, Smith led one of the best smallcap turnarounds we have ever studied. In our view, PIR’s more recent move online, while successful in some regards, unfortunately completely upended a solid business model. Recent sales weakness is consistent with our cautious near-term stance on PIR and the group overall. We are lowering our rating on PIR to Perform and removing our $6 price target, as now more significant uncertainty renders it too difficult to wager on Pier 1 Imports, even for the longer term."
Shares of Pier 1 Imports closed at $4.80 yesterday.
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