Oppenheimer Reiterates Outperform Rating on Pier 1 Imports (PIR)

Oppenheimer is out with a research report this morning, where it reiterates its Outperform rating on Pier 1 Imports PIR; it has an $11.00 price target on the stock. The Oppenheimer analysts said that they are lifting Q2 EPS estimates for the name to $0.08, from $0.07; they noted that PIR would report August sales on September 2nd and quarterly results later in the month. Trends support the analysts’ thesis that price and shopping trends should support PIR’s numbers. They also noted that the stores have had a lack of clearance items, which should drive solid margins; the company did not hold its usually summer clearance sale. The Oppenheimer analysts believe that the longer-term recovery story for PIR in intact, with cost controls and top-line trends improving.