Opinion on  Pier 1 Imports Inc. (PIR)     Sector: Services  >  Industry: Retail (Specialty)
"Ascending Triple Top Breakout" on September 16, 2009 on high volume

September 17, 2009: Technically speaking, Pier 1 achieved an "Ascending Triple Top Breakout" on September 16, 2009 on high volume and continues to climb after earnings.

The breakout implies that the buyers are now creating more demand than there is supply and therefore the prices are breaking out.

I think there is a technical rally going on the stock market, in general, and current price is 3.25.
(PIR) Pier 1 has a beautiful ascending chart, maintaining price above the 50 day moving average for months now.

Pier 1 Imports ( PIR )

Raymond James reiterates strong buy

Raymond James analyst Budd Bugatch said on Sept. 17 that Pier 1 reported a second-quarter adjusted loss per share of $0.16, which was ahead of his $0.25 loss forecast and the Wall Street consensus estimate of a $0.22 loss. Bugatch noted that Pier 1's merchandise margins were 52.0% in the second quarter, up 270 basis points year-over-year and better than his expectation of 51.3%. The analyst said Pier 1 stated it expects to see continued and significant improvement in merchandise margins vs. last year, and anticipates a stronger sales trend in the third and fourth quarters.

Importantly, Bugatch noted that management said the company is generating positive same-store sales thus far in September. He kept his $4 price target.