S&P Equity Research Downgrades Pier 1 Imports (PIR) to Sell
More News related to PIR
- Top 15 For 2008 (No. 14): M&A Wreckage
- Wedbush Morgan Downgrades Pier 1 Imports (PIR) to Hold
- Pier 1 Imports, Inc. Reports Third Quarter Financial Results
- Trading Radar for 12/18: FedEx (FDX), Research In Motion (RIMM), Oracle (ORCL), Lennar (LEN), Rite Aid (RAD), Accenture (ACN) Report; Inital Jobless Claims, Philly Fed Due
- Wedbush Morgan Comments on Black Friday Mall Activity
More News related to Downgrades
- ARGUS Downgrades Smith International (SII) to Hold
- Cantor Fitzgerald Downgrades Audiocodes (AUDC) to Hold After Negative 4Q Preannouncement
- MDB Capital Downgrades Ener1 (HEV) to Sell, Suspends Earnings Model and Valuation on Stock No Longer Justified
- DA Davidson Downgrades Ambassadors Group (EPAX) to Neutral
- SunTrust Downgrades Ruby Tuesday, Inc. (RT) to Neutral
S&P Equity Research downgrades Pier 1 Imports (NYSE: PIR) from Hold to Sell.
S&P analyst, M. Souers, says, "PIR shares have risen over 50% year-to-date, and now trade above our $7.50 DCF-based target price. We applaud the company's merchandising improvements and significant cost-cutting efforts, and think PIR will continue to execute admirably on its turnaround initiatives. However, we think macroeconomic headwinds will impede progress somewhat over near-term, and note that sales of home furnishing items typically lag a rebound in housing, which we do not see occurring this year. We think shares are pricing-in a more seamless turnaround, and think risks outweigh potential rewards."
Pier 1 Imports, Inc. is a specialty retailer of decorative home furnishings, gifts and related items. [SM]
Related Categories
DowngradesStocks Mentioned
-0.09Related Entities
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!
