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Downgrade Alert for Pier 1 Imports (PIR)

By Shiri Gupta

Pier 1 Imports (NYSE:PIR) was downgraded from Outperform to Perform at Oppenheimer today. The stock closed yesterday at $4.08 on volume of 22.2 million shares, above average daily volume of 1.8 million.

There is potential upside of 141.2% for shares of Pier 1 Imports based on a current price of $4.08 and an average consensus analyst price target of $9.84. The stock should run into initial resistance at its 50-day moving average (MA) of $6.47 and subsequent resistance at its 200-day MA of $7.15.

In the past 52 weeks, shares of Pier 1 Imports have traded between a low of $3.76 and a high of $13.58 and closed yesterday at $4.08, which is 9% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has advanced 2.0%.

Pier 1 Imports, Inc. retails decorative home furnishings, gifts, and related items. Pier 1 stores are located in the United States, Puerto Rico, Canada, the United Kingdom, and Mexico.

SmarTrend recommended that its subscribers protect gains by selling shares of Pier 1 Imports on May 12th, 2016 by issuing a Downtrend alert when the shares were trading at $5.62. Since that call, shares of Pier 1 Imports have fallen 14.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Pier 1 Imports

Ticker(s): PIR