Barclays Maintains an 'Equalweight' on Pier 1 Imports (PIR); Expect 3Q Strength to Extend into Holiday

Barclays maintains an 'Equalweight' on Pier 1 Imports (NYSE: PIR) price target of $15.00.

Barclays analyst says, "PIR reported 3Q EPS of $0.21, at the high end of the company's pre-announced range; Black Friday weekend sales +10%. The quarter's results were driven by top-line growth and 60.5% merchandise margin."

"December off to a good start. We maintain our 2011 EPS estimate of $0.87 (based on an 8.5% comps estimate), 2012 EPS estimate of $1.00 (based on a 5% comps estimate) and 2013 EPS estimate of $1.15 (based on a 5% comps estimate). According to the release, December sales appear to be off to a strong start and management is confident that this trend should continue into the final ten days prior to Christmas. In our view, PIR is well positioned to capture sales during the holiday."

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 $13.03 yesterday.

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