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In a note published Wednesday morning, Credit Suisse analyst Christian Buss downgraded shares of Tiffany & Co. (NYSE: TIF) from Outperform to Neutral and maintained a $120 price target.
Buss has based his price target on the average of three items 1) comparable multiples, 2) a five-year discounted cash flow analysis and 3) a long-term growth model.
Buss wrote, "Given increasing concerns of slowing demand trends out of APAC, we believe that opportunities for earnings upside are more limited in the second half and 2015. With multiples now above the historical median of 20x forward P/E, we believe share price appreciation from here will prove more limited as a result."
Despite the downgrade, Buss has maintained his revenue and EPS estimates for fiscal 2014 of $4.343 million and $4.29, respectively.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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