Wedbush Raises Price Target on Pier 1 Imports (PIR) Following Pre-Released Q1 Results
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Price: $3.56 --0%
Rating Summary:
1 Buy, 15 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 15 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is reiterating its Outperform rating on shares of Pier 1 Imports (NYSE: PIR) and is raising its price target by $0.50 to $14.50 following its Q1 pre-results.
The company released its Q1 results with comps up 10.2 percent which was ahead of the firm's and Street's estimates of 7 percent and 6.1 percent. Total sales for the quarter rose 9.4 percent to $335 million. PIR guided its Q1 EPS results $0.11-$0.12, well above the firm's and Street's estimates of $0.07 and $0.09. Q1 merchandise margins are expected to rise 90 bps to 59.5%. The company is expected to release its final results on June 16.
To go inline with the company's new guidance it is raising its Q1 estimate from $0.07 to $0.12 and notes that PIR will have to pay taxes this quarter, something that the company has not done since 2007.
PIR recently released its three year growth plan which showed that the company plans to invest $200 million toward accelerating e-commerce initiatives, improving the store base, and enhancing technology. The company goals include expanding its operating margin to over 10 percent of sales and generating 10 percent of total revenues online.
An analyst at Wedbush comments, "we are impressed with the newness and breadth of the seasonal assortments, as well as attractive price points. Carefully targeted monthly/weekly event mailers have proved very successful recently, and the company is continuing with these into the spring selling season...The entire merchandise assortment is now online and available for browsing and pre-shopping purposes, and the company will launch its “Pier 1.2Go” website nationally in early June."
For more ratings news on Pier 1 Imports click here and for the rating history of Pier 1 Imports click here.
Shares of Pier 1 Imports closed at $11.51 yesterday.
The company released its Q1 results with comps up 10.2 percent which was ahead of the firm's and Street's estimates of 7 percent and 6.1 percent. Total sales for the quarter rose 9.4 percent to $335 million. PIR guided its Q1 EPS results $0.11-$0.12, well above the firm's and Street's estimates of $0.07 and $0.09. Q1 merchandise margins are expected to rise 90 bps to 59.5%. The company is expected to release its final results on June 16.
To go inline with the company's new guidance it is raising its Q1 estimate from $0.07 to $0.12 and notes that PIR will have to pay taxes this quarter, something that the company has not done since 2007.
PIR recently released its three year growth plan which showed that the company plans to invest $200 million toward accelerating e-commerce initiatives, improving the store base, and enhancing technology. The company goals include expanding its operating margin to over 10 percent of sales and generating 10 percent of total revenues online.
An analyst at Wedbush comments, "we are impressed with the newness and breadth of the seasonal assortments, as well as attractive price points. Carefully targeted monthly/weekly event mailers have proved very successful recently, and the company is continuing with these into the spring selling season...The entire merchandise assortment is now online and available for browsing and pre-shopping purposes, and the company will launch its “Pier 1.2Go” website nationally in early June."
For more ratings news on Pier 1 Imports click here and for the rating history of Pier 1 Imports click here.
Shares of Pier 1 Imports closed at $11.51 yesterday.
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