Pier 1 shares slump to 8-year low after analyst warning [MSN Money]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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Source: MSN Money
Pier 1 Imports Inc's (PIR.N) stock plunged to its lowest level since 2009 on Monday after an analyst recommended investors avoid the shares until the furniture and home decorations retailer reverses falling sales. Shares in the seller of wicker chairs and scented candles were down 9.8 percent in early afternoon trading on New York Stock exchange, bringing losses to about 31 percent since the company last Wednesday posted disappointing quarterly results and scrapped its dividend. © REUTERS/Rick Wilking The Pier 1 Imports store is seen in Broomfield Pier 1 on Thursday detailed a three-year turnaround plan aimed at reducing store clutter and inventory, better-targeting different kinds of consumers and improving marketing, but it warned that the plan would lead to a net loss for 2018. But in a client note on Monday, Raymond James analyst Budd Bugatch cut his rating on Pier 1 to underperform from market perform, and recommended that investors exit the shares now. We believ
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