This Stock Trades For Less Than $1.50 and Could Deliver an 80% Gain
Pier 1 Imports, Inc. (NYSE: PIR) recently announced that it has appointed Lance Wills as Executive Vice President, Chief Information Officer, effective immediately, and analysts appear bullish on the news.
Pier 1 Imports, Inc. engages in the retail sale of decorative accessories, furniture, candles, housewares, gifts, and seasonal products.
Anthony Chukumba, an analyst at Loop Capital Markets, noted that “commerce has been problematic for the company. Unlike peers who were slow to adapt to the internet, Pier 1 may have embraced it too vigorously, with expensive web sales diverting revenue from stores.”
But things could finally be turning around. The company recently appointed retail technology leader Lance Wills as EVP, Chief Information Officer.
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American City Business Journals reported,
“Lance Wills joins Pier 1 with almost 23 years of information technology experience, including more than 10 years at companies in the retail sector where he was responsible for managing omni-channel platforms, supporting business transformations, building digital expertise and enhancing the customer journey.”
Cheryl Bachelder, Interim CEO, said: “We are delighted to welcome Lance to the Pier 1 leadership team.
As we continue to narrow our strategic focus and employ a more customer-centric mindset across the company, we are committed to building upon our existing technology platform and increasingly capitalizing on data insights to help drive our business and customer initiatives forward.
Lance brings the leadership, expertise and track record of execution we need to support multi-channel customer experiences as we strive to restore sales growth and improve profitability.”
According to Bloomberg, “The leadership team and the entire Pier 1 organization are laser-focused on improving the trajectory of the business and accelerating sales and profitability for the benefit of all stakeholders.”
In an emailed statement, the company shared additional optimism, “We have taken a number of actions to enhance financial flexibility, and we are narrowing our focus and honing execution with a distinctive Pier 1 style and value proposition for our customers.”
Mr. Wills commented, “I am excited about joining Pier 1, and look forward to leveraging my experience to drive innovation and change, while creating value for our customers as well as a better experience for our associates.”
Some analysts believe there is visibility for a turnaround in the stock in the near future.
PIR should be considered a buy if recent momentum continues.
Look for an entry at $1.43 with a price target of at least $2.65 based on the pattern in the chart.