Stephens Upgrades Tiffany & Co., Analyst Sees 11% Upside

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On Tuesday, Stephens upgraded shares of
Tiffany & Co.TIF
from Equal-weight to Overweight and maintained the $95 price target. Analyst Rick Patel believes the recent pullback from the 94.88 high has created “a good buying opportunity for a best-in-class global luxury jeweler with drivers that should be intact despite recent market volatility.” Wealthy customers should be able to endure stock market choppiness, said Patel. The analyst anticipates “the company will drive sales higher through price increases, product innovation, and global expansion.” “Near term, Tiffany should benefit from price increases (estimated to come in 1Q14), a revamped silver assortment, gross margin expansion (given the flow through of lower diamond costs in 1H14), and buyback,” according to Patel. The $95 price target “reflects a 20x multiple on the analyst FY2015 earnings per share estimate of $4.66. Shares are up 0.28 percent to $85.06 in Tuesday's trading. The $95 price target represent 11 percent upside from current levels.
Posted In: Analyst ColorAnalyst RatingsRick PatelStephens
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