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PIR

Pier 1 Imports

09:17
10/14/16
10/14
09:17
10/14/16
09:17

Alden delivers letter to the Chairman and board of Directors of Pier 1 Imports

Alden Global Capital, the largest active shareholder of Pier 1 Imports, with ownership of approximately 9.5% of Pier 1's outstanding shares, announced that it has delivered a letter to the company's Chairman, Terry London, and the company's Board of Directors. The full text of the letter follows: "We appreciate you taking the time and giving us the opportunity to meet with you, Jeff Boyer, and Mike Carter on September 23, 2016, as well as our subsequent meeting with management on October 4, 2016 at Pier 1 Imports headquarters in Fort Worth. The meetings have been helpful for us to gain a better understanding of Pier 1, including the significant value creation opportunities that exist and the challenges facing the Company. Putting aside our extreme disappointment with the Company's overreactive adoption of a shareholder rights plan on September 27, 2016, just four days after our initial meeting with you, we look forward to continuing a constructive and productive dialogue regarding corporate strategy, the ongoing CEO search process, and the composition of Pier 1's Board of Directors. We would caution the Company against taking any further actions to entrench the Board. Alden Global Capital LLC, together with its affiliates, has an ownership interest of approximately 9.5% of the outstanding shares of Pier 1, making us the Company's largest active shareholder. We do not believe the current market price of Pier 1 fully reflects its intrinsic value, in large part due to the Company's deteriorating operating performance, history of poor capital allocation, and irresponsible executive compensation. The purpose of this letter is not only to make our serious concerns explicit for the Board, but also to outline our views for fellow shareholders regarding why immediate and meaningful changes are required to begin rebuilding shareholder confidence."

PIR Pier 1 Imports

09/08/16
FBCO
09/08/16
DOWNGRADE
Target $4
FBCO
Underperform
Pier 1 Imports downgraded to Underperform from Neutral at Credit Suisse
Credit Suisse analyst Seth Sigman downgraded Pier 1 Imports to Underperform and lowered its price target to $4 from $4.50 based on weaker Q2 sales results and relative underperformance versus the industry. He sees increased risk of more aggressive promotional activity to improve sales and management uncertainty with the expected departure of CEO Alex Smith.
09/08/16
OPCO
09/08/16
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OPCO
Perform
Pier 1 Imports downgraded to Perform from Outperform at Oppenheimer
Oppenheimer analyst Brian Nagel downgraded Pier 1 Imports to Perform citing too much uncertainty after the company pre-released fiscal Q2 comp results below prior guidance and announced that its long-standing CEO Alex Smith will part ways with the company in December.
09/08/16
RAJA
09/08/16
DOWNGRADE
RAJA
Market Perform
Pier 1 Imports downgraded to Market Perform from Strong Buy at Raymond James
Raymond James analyst Budd Bugatch downgraded Pier 1 Imports to Market Perform from Strong Buy following the announcement that Alex Smith will step down as President and CEO and weak preliminary Q2 results. The analyst said furniture and home furnishing retail sales remain challenged and he cannot maintain a more constructive rating during a CEO transition.
09/08/16
09/08/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Market Perform from Outperform at Wells Fargo with analyst Maynard Um saying he views the risk/reward as balanced with the stock up 12% since Apple's earnings report on July 26. 2. Nike (NKE) downgraded to Neutral from Overweight at Piper Jaffray with analyst Erinn Murphy saying the resurgence of adidas (ADDYY) has taken a toll on Nike's growth rate in Germany, United Kingdom and France. 3. lululemon (LULU) downgraded to Hold from Buy at Jefferies with analyst Randal Konik saying the company's opportunity to grow its topline and expand operating margins are now largely factored into the stock. 4. Pier 1 Imports (PIR) downgraded to Underperform from Neutral at Credit Suisse, to Perform from Outperform at Oppenheimer, and to Market Perform from Strong Buy at Raymond James. 5. HP Enterprise (HPE) downgraded to Market Perform from Outperform at Wells Fargo with analyst Maynard Um citing a lack of near-term catalysts following the company's third quarter results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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