UPDATE: Topeka Capital Markets Initiates Tiffany & Co. with Buy on Expected Recovery

In a report published Thursday, Topeka Capital Markets analyst Dorothy S. Lakner initiated coverage on Tiffany & Co. (NYSE:

) with a Buy rating and $84.00 price target. In the report, Lakner noted, “We are initiating coverage of TIF with a Buy rating and an $84 price target. After a disappointing 2012, we believe TIF's sales and earnings are poised for recovery in 2013, beginning in 2Q13, which should benefit not only from a plethora of new product introductions, but also from plans to boost both high-end jewelry and high-margin silver sales. We expect further improvement in 2014 from the full impact of these efforts as well as further macro improvement.” Tiffany & Co. closed on Wednesday at $72.33.