Wells Fargo Starts Pier 1 Imports (PIR) at Outperform; Three-year Strategy to Drive Sales Growth
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Price: $3.56 --0%
Rating Summary:
1 Buy, 15 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
1 Buy, 15 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Wells Fargo initiates coverage on Pier 1 Imports (NYSE: PIR) with an Outperform. PT range $14-$16.00.
Wells analyst says, "We see significant runway for growth at Pier 1 based on the company's compelling value proposition well-suited for the current consumer mindset; a strong brand and unique merchandise which help insulate from competition; a store revitalization strategy which should improve productivity; and significant IT upgrades including a full eCommerce launch in 2012 as well as new systems which should accelerate growth and operating margins over the next few years. While Pier 1's move from "defense" to "offense" will likely require additional investments, costs are already built into guidance and we see these growth investments translating into financial upside potential. We are establishing above-consensus EPS estimates of $0.18 for FQ3 2012, $0.85 for FY2012 and $1.02 for FY2013."
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 $12.93 yesterday.
Wells analyst says, "We see significant runway for growth at Pier 1 based on the company's compelling value proposition well-suited for the current consumer mindset; a strong brand and unique merchandise which help insulate from competition; a store revitalization strategy which should improve productivity; and significant IT upgrades including a full eCommerce launch in 2012 as well as new systems which should accelerate growth and operating margins over the next few years. While Pier 1's move from "defense" to "offense" will likely require additional investments, costs are already built into guidance and we see these growth investments translating into financial upside potential. We are establishing above-consensus EPS estimates of $0.18 for FQ3 2012, $0.85 for FY2012 and $1.02 for FY2013."
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 $12.93 yesterday.
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