NEW YORK (TheStreet) -- Pier 1 Imports (PIR) shares are down -3.7% to $15.29 on Friday after being downgraded to "hold" from "buy" by analysts at Deutsche Bank (DBS).
The downgrade comes on the heels of the release of the retailer's first quarter earnings results yesterday. The company reported earnings of 16 cents per diluted share, 4 cents worse than analysts guidance.
Revenue for the quarter rose 6.2% over the previous year to $$419.1 million, also falling short of analysts $423.36 million forecast.
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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 attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."