NEW YORK (TheStreet) -- Pier 1 Imports (PIR) has been reiterated as a "buy" with a price target of $24, Deutsche Bank said Friday. In its earnings report Thursday, the retailer reported a larger-than-expected share buyback over the fourth quarter and in the quarter-to-date this year.
Deutsche analyst Adam Sindler said, "This dramatically lowered the share count and allowed PIR to get more conservative on its op margin outlook without disturbing EPS guidance. We believe this more conservative outlook sets up a much better beat-and-raise scenario in FY15 and could serve as the inflection point we've been waiting for on this name."
However, the investment firm slightly reduced its fiscal 2015 earnings to $1.24 a share from $1.27 a share.
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Separately, TheStreet Ratings team rates PIER 1 IMPORTS INC/DE as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate PIER 1 IMPORTS INC/DE (PIR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, increase in net income and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."