Sterne Agee Reiterates Buy Rating, $83 PT for Tiffany & Co.

In a report published earlier today, Sterne Agee Group Inc. reiterated its Buy rating and $83.00 price target for Tiffany & Co.

. Sterne Agee said in its report “Tiffany is on sale, although we note that comparisons remain challenging through Q3. Its valuation at 13.3x FY13 estimates is below its historic average on forward earnings of 18.3x. We expect in-line Q1 results and maintain our Buy rating and $83 target based upon 18.4x forward EPS.” Tiffany & Co. closed on Friday at $60.64.