A Goldman Sachs analyst upgrade of the stock—based on new management and a turnaround plan—sent shares sharply higher on June 12Is it time for Pier 1 Imports (PIR) shareholders to break out the candy-colored champagne glasses? Investors starved for any piece of good news on the unprofitable home-furnishings retailer—which has been beset by steady declines in same-store sales and shrinking margins—seized on an upgrade of the stock by Goldman Sachs Group (GS) to bid the shares higher on June 12.
Goldman analyst Adrianne Shapira and her team upgraded Pier 1 to buy from neutral and added the stock to the firm's Americas Conviction List. Goldman raised its price target on the stock by $3, to $10.50.
Optimistic Forecast
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