UPDATE: Jefferies Reduces PT to $55 on Tiffany & Co Following Q3 Results
Jefferies reiterated its Hold rating on Tiffany & Co (NYSE: TIF) and reduced its price target from $62 to $55.
Jefferies noted, "TIF posted softer than expected 3Q results primarily due to weaker margins. The company also lowered its outlook and now expects GM% declines in 4Q. Clearly TIF is under pressure from product cost inflation and some tough global macro trends. While we think the earnings bar is now low enough, we prefer to remain on the sidelines for now and will reassess for next year."
Tiffany & Co closed at $59.30 on Wednesday.
Latest Ratings for TIF
|Apr 2015||Cantor Fitzgerald||Initiates Coverage on||Hold|
|Apr 2015||Monness Crespi Hardt||Upgrades||Buy|
|Mar 2015||Atlantic Equities||Upgrades||Neutral||Overweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.