UPDATE: Deutsche Bank Raises PT on Tiffany & Co. Following Solid 2Q Report

In a report published Wednesday, Deutsche Bank analyst Dave Weiner reiterated a Hold rating on Tiffany & Co. TIF, and raised the price target from $68.50 to $73.00. In the report, Deutsche Bank noted, “Tiffany put up a solid quarter, including positive relative results across most geographies. Further, in our opinion, mgmt. sounded more optimistic about business trends and longer-term prospects more generally, after several quarters of sounding less so. While 2Q's ‘beat and raise', an improving GM profile, and a more confident sounding mgmt. team are positives, inconsistent comps and full valuation (P/E is 22x-23x current year guidance) add balance and keep us at a hold.” Tiffany & Co. closed on Tuesday at $80.82.