UPDATE: Goldman Sachs Maintains Neutral, Lowers PT to $64 on Tiffany & Co

Goldman Sachs reiterates its Neutral rating on Tiffany & Co (NYSE: TIF) as near term is in flux despite a consistent brand outlook.

Goldman Sachs says, "Tiffany is balancing near-term headwinds of slowing sales and gross margin contraction with long-term tailwinds of continued global share gains and EBIT margin expansion. Disappointing holiday sales and reduced EPS guidance illustrate these near-term headwinds. Given these challenges, we lower our FY11/12/13 EPS estimates to $3.64/$3.85/$4.40 from $3.80/$4.25/$4.73. However, we look to be opportunistic in 2012 as we see little from holiday 2011 that alters TIF's ability to capitalize on share gains across its global brand franchise."

TIF closed at $59.94