Canaccord Genuity downgraded Tiffany & Co TIF from Buy to Hold and maintained at $58.00 price target.
Canaccord Genuity noted, "We are downgrading shares of TIF from Buy to HOLD as the company's sales momentum continues to decelerate against an uncertain macroeconomic backdrop. Recent tax law changes threaten to pressure luxury spending, particularly from aspirational consumers. We believe TIF's near-term visibility is clouded as evidenced by the fact that EPS has missed expectations for four consecutive quarters, and recent guidance for FY12 EPS at the low end of the $3.20-$3.40 range is 19% below management's initial outlook."
Tiffany & Co closed at $62.73 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in