UPDATE: Sterne Agee Upgrades Tiffany & Co. on Compelling Entry Point from Recent Pullback
In a report published Thursday, Sterne Agee analyst Ike Boruchow upgraded the rating on Tiffany & Co. (NYSE: TIF) from Neutral to Buy, and reiterated the $86.00 price target.
In the report, Sterne Agee noted, “We are upgrading TIF to Buy. The company has a highly visible margin recapture opportunity over the next 18-24 months, a rapidly growing international platform (50% of sales comping HSD) and a US business that, while lagging the past 18 months, has recently made a number of key hires and implemented several new product initiatives that should lead to improving performance over the medium-term. The recent pullback has created a compelling entry point, and we see several ways to win from here.”
Tiffany & Co. closed on Wednesday at $73.91.
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