Wedbush analysts bullish on Pier 1 Imports

Wedbush analysts Joan Storms and John Garret said Thursday that they think sales momentum is strong for Pier 1 Imports Inc. and reiterated an "Outperform" rating on its shares.

THE OPINION: The analysts said in a note that they believe Pier 1 continues to outpace the competition and that its solid merchandize, store enhancements, improved online presence and other efforts, should improve sales for its fiscal first quarter.

Pier 1 is expected to report its results for the period next week, but no longer reports its sales performance prior to that.

Despite cold weather that plagued many retailers during the period, the analysts said that store checks showed that there did not appear to be a slowdown in sales. They also noted that home decor is selling more items at regular prices, after the company tweaked its promotions and that markdown items, such as Easter decor, were selling well.

They have a $27 price target on the retailer's stock.

THE STOCK: Pier 1 shares added 61 cents, or 2.6 percent, to $24.15 in afternoon trading Thursday, outpacing broader market gains. Its stock is nearing the upper end of its 52-week trading range of $15.12 to $25.29.