NEW YORK ( TheStreet) -- Shares of the following retailers hit 52-week highs on Wednesday: Pier One Imports ( PIR), Bed Bath & Beyond ( BBBY) and Cost Plus ( CPWM).
Pier One Imports "For some time we have recommended Pier 1 Imports as one of the most compelling small-cap investment opportunities in the Hardlines Sector," Oppenheimer analysts wrote in a March 5 report. "We stress-tested our PIR financial model and reflected upon our investment thesis. Our conclusion: PIR has further room to run. Sales volumes at PIR have improved markedly lately, but remain well below prior peak levels. The forthcoming launch of e-commerce should represent an incremental top-line driver and enhanced marketing vehicle for PIR. Return-on-invested capital at PIR is climbing as sales and margins move higher in concert. Our new $20 price target (up from $17) implies upside potential of about 20% from current levels." Shares of Pier One Imports hit a 52-week high Wednesday of $18.12. The stock's 52-week low of $8.60 was set on Aug. 8. Pier One Imports has an estimated price-to-earnings ratio for next year of 16.07 times; the average for home-improvement retail companies was 16.36. For comparison, both Lowe's ( LOW) and Home Depot ( HD) have lower forward P/Es of 13.62 and 15.27, respectively. Nine of the 13 analysts who cover Pier One Imports rated it buy. Three analysts gave the stock a hold rating and one rated it sell. TheStreet Ratings gives Pier One Imports a B grade with a buy rating and a $21.84 price target. The stock has risen 27.42% year to date.