UPDATE: Deutsche Bank Downgrades Tiffany & Co. to Hold

Deutsche Bank is out with its report today on Tiffany & Co.

, downgrading TIF from Buy to Hold. In a note to clients, Deutsche Bank writes, "Tiffany's 1Q12 results were 15% higher than our and consensus expectations, prompting a 14% upgrade to our EPS and a 16% rise in our target price (now $76). We downgrade TIF to Hold due to its strong performance year to date, which has brought the valuation to a 10% premium vs. other global luxury brands. We still like the TIF equity story; we realize the company is in a sweet spot, but the 22x FY12E and 19x FY13E PERs indicate the quality is already in the price." At the time of posting, shares of TIF were trading pre-market at $74.41, down 1.65% from Tuesday's close.