Wedbush Remains Sidelined as Pier 1 Imports (PIR) Updates Guidance
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Wedbush reiterated a Neutral rating and $4.00 price target on Pier 1 Imports (NYSE: PIR) as the company updates 3Q guidance. PIR now expects F3Q results at the top end of its guidance range for comps, net sales, merchandise margin, and EPS.
Analyst Seth Basham commented, "Last night, PIR updated F3Q (ending November 26) guidance based on quarter-to-date trends and expectations for the remaining three weeks. PIR now expects F3Q results at the top end of its guidance range for comps, net sales, merchandise margin, and EPS; this range had been introduced following a weak F2Q and coincided with a reduction in FY16 guidance on September 28. This update suggests that F2Q may have marked a near-term bottom as marketing-led initiatives to stabilize traffic and comps may be paying off. That said, an intense competitive environment, soft category demand and a further shift of category sales online during the all-important holiday season pose headwinds. These factors, combined with a management team in transition and now higher expectations add risk to the outlook, leaving us NEUTRAL on PIR."
Shares of Pier 1 Imports closed at $5.27 yesterday.
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