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Pier 1 Imports Is Back With A Vengeance

It's very rare that I'm able to time an entry into a stock very well but in the case of Pier One Imports (NYSE:PIR) I nailed it. In my previous article entitledHold Your Nose And Consider Pier One Import I made a case to buy PIR at the open at $11.41 and got lucky as that marked the low. Now with the stock over $14 I still think it could be a buy.

PIR got hammered over 30% when it cut its guidance expectations a bit for the fiscal year ending Feb. 2015. One of my theories behind the cut was more to do with a simply a bad forecast from now ex-CFO Charles Turner who seemingly abruptly "retired" at the same time as the announcement. This was further evidenced when CEO Alex Smith said at the time, Read more