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Fly News Breaks for April 19, 2018
PIR
Apr 19, 2018 | 16:59 EDT
Loop Capital analyst Anthony Chukumba lowered his price target on Pier 1 to $3 from $4 and kept his Hold rating. The analyst contends that the management presented a "comprehensive" turnaround strategy but prefers to see more concrete signs of progress before turning more constructive on the stock. Chukumba still sees a number of risks associated with the stock such as poor consumer response to Pier 1's merchandise, heightened competition from online furnishing retailers, and further margin pressure from discounting.
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