Wedbush Sees Solid December Comps for Pier 1 Imports (PIR)

December 28, 2012 12:08 PM EST
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Price: $7.71 +0.26%

Rating Summary:
    5 Buy, 15 Hold, 5 Sell

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    Up: 30 | Down: 30 | New: 23
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Wedbush reiterated its Buy rating and $22 price target on Outperform-rated Pier 1 Imports (NYSE: PIR) Friday, saying they expect December comps to be up 7.0%, benefiting from strong merchandising, increased marketing, e-commerce and the new loyalty program.

"When it reported Q3 results on December 13, the company said that sales in December were off to a very good start, continuing the momentum from an outstanding Thanksgiving weekend which was characterized as the highest in the company’s history," the analyst notes. "Both in-store and online, traffic and conversion gained strength through Q3. Our checks during December found strong traffic driven by new and well-differentiated assortments and very high service levels. Importantly, sales growth continues to be strong across all merchandise categories, including furniture, which should bode well for 2013 as the housing market continues to recover."

The firm sees Q4 comps up 5%, which is slightly below the Street at 6.4%.

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 closed at $19.49 yesterday.

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