SunTrust Robinson Humphrey Cuts Price target on Pier 1 Imports (PIR) Following 3c EPS Miss
SunTrust Robinson Humphrey maintained a Neutral rating on Pier 1 Imports (NYSE: PIR), and cut the price target to $10.00 (from $15.00), following the company's 2Q16 earnings results. PIR reported 2Q EPS of $0.04, well below the Street’s $0.07 estimate.
Analyst David Magee commented, "PIR missed 2Q estimates, as the firm continues to be plagued by merchandising and distribution issues. While the stock is down some 43% on a YTD basis, the Street consensus current year estimate is down 35% from the start of the fiscal year. As such, the shares still don’t look that compelling, particularly given what seems to be a “slow fix” at hand. Maintain Neutral, lowering PT to $10 from $15."
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Shares of Pier 1 Imports closed at $8.67 yesterday.