Wedbush Reiterates Outperform Rating On Pier 1

According to Wedbush, Pier 1 Imports PIR Outperform rating is reiterated. Wedbush said that Q1 EPS of $0.12 vs. $0.06 was at the high end of recently introduced guidance for $0.11-$0.12, which was above its/consensus prior estimates of $0.07/$0.09. “Our $15 price target assumes that PIR should trade at 17x our FY13 EPS estimate of $0.88, or at a premium to our projected 10%-15% longer-term earnings growth rate. We assign a premium valuation due to strong growth prospects as the company moves beyond its successful turnaround.” Pier 1 Imports closed yesterday at $10.71.