UPDATE: Goldman Sachs Reduces PT to $64 on Tiffany & Co on Difficult Macro

Goldman Sachs reiterates its Neutral rating on Tiffany & Co

and reduces its price target from $70 to $64. Goldman Sachs comments, "TIF reported a below plan 1Q as original guidance failed to adequately incorporate tough comparisons (particularly in the Americas). The weakness was broad based, with little variation across price strata. Management attributed the softness to constrained spending from financial sector employees, a highly promotional environment, and resistance to entry level product price increases. Tourism at the NYC flagship was flat yoy, with increased Asian tourism offsetting declines from Europe. Given the disappointing start to the year, management lowered FY12 EPS guidance to $3.70- $3.80 from prior $3.95-$4.05. As such, we are lowering our FY12/FY13/FY14 EPS Estimates to $3.75/$4.40/$5.05 from $4.00/$4.65/$5.33 prior." TIF closed at $57.59 on Thursday.