Oppenheimer Reiterates Outperform, Lowers PT On Tiffany & Co. On Continued Favorable Outlook

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In a report published Friday, Oppenheimer analyst Brian Nagel reiterated an Outperform rating on
Tiffany & Co.TIF
, but lowered the price target from $100.00 to $98.00. In the report, Oppenheimer noted, "We continue to look very favorably upon longer term prospects for TIF. The company represents an already dominant luxury brand with still compelling new unit expansion prospects worldwide. Near term we are cautious. The impact of a stronger US dollar upon foreign tourism spending is only now taking hold. Already peak operating margins imply little slack in the TIF model. Persistent headwinds and seemingly optimistic Street forecasts and guidance limit the potential for sales/EPS upside at TIF in 2015. Shares have pulled back, but still trade above recent levels suggestive of investor capitulation. Our 12-18 price target on TIF goes to $98 from $100." Tiffany & Co. closed on Thursday at $86.29.
Posted In: Analyst ColorPrice TargetAnalyst RatingsBrian NagelOppenheimer
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