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Fly News Breaks for December 11, 2015
PIR
Dec 11, 2015 | 07:21 EDT
Credit Suisse analyst Seth Sigman downgraded Pier 1 Imports to Neutral and lowered his price target to $7 from $9.50 on shares. Sigman has concerns around sales and whether additional investments in price and or marketing will be necessary, which could offset cost reduction efforts and progress from recent operational improvements. The analyst is concerned about comp weakness to the low single digits and sees risk of them moving lower and notes competition has been worse than expected.
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