Friday December 21, 06:25 PM
Pier 1 Imports upgraded to "buy"
NEW YORK, December 21 (newratings.com) - Analysts at Wedbush Morgan upgrade Pier 1 Imports (ticker: PIR) from "hold" to "buy," while raising their estimates for the company. The target price has been raised from $6 to $7.50.
In a research
note published this morning, the analysts mention that the company has reported its 3Q losses per share lower than the estimates and the consensus, backed by gross margin expansion from improved buying and reduced promotional activity. Pier 1 Imports' new merchandising and marketing strategies are proving to be successful and the visibility into a successful turnaround and a return to profitability by 2010 has increased, the analysts say. The EPS estimates for 2007 and 2008 have been raised from -$1.32 to -$1.16 and from -$0.15 to -$0.05, respectively.
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