Sterne Agee Expecting Upside for Tiffany & Co. Through Holiday Season

Sterne Agee has published a research report on Tiffany & Co.

after the company reported its strong 3Q earnings today. In the report, Sterne Agee writes, "Following a strong Q3 report which exceeded estimates by $0.10, TIF increased its yearly guidance range by $0.05 to $3.70-$3.80 tempered by a slow start to holiday sales in the Northeast and Mid-Atlantic stores and in Europe. Note continental Europe comps gained double digits in Q3 with strength in France, Germany and Italy with the U.K. down slightly. Branch stores in the U.S. gained 13% in Q3 with the West including Hawaii and Guam outpacing the Eastern U.S. The NY flagship store gained 24% due to foreign tourism with more modest growth in the NY metro area." Sterne Agee maintains its Buy rating and $90 price target on Tiffany & Co. which is currently trading down $6.67 from yesterday's $73.62 closing price.