UPDATE: Deutsche Bank Reduces PT to $68 on Tiffany & Co on Negative Short Term Momentum

Deutsche Bank reiterates its Hold rating on Tiffany & Co TIF and lowers its price target from $75 to $68. Deutsche Bank notes, "We continue to see the attractions of the LT opportunities for the worldwide expansion of the TIF brand. Yet in the short term momentum remains negative with Q2 and Q3 earnings set to contract and macro headwinds remaining as potential risks. On 17x/16x our new earnings on Jan13/14, we do not see the valuation as too compelling just now. Still Hold for now." TIF closed at $57.59 on Thursday.