Deutsche Bank Reiterates Hold Rating, $68 PT on Tiffany & Co.

In a report published Monday, Deutsche Bank reiterated its Hold rating and $68.00 price target on Tiffany & Co.

. Deutsche Bank noted, “TIF reported an adjusted $0.72 EPS, which while a penny below consensus, should widely be seen as in-line (if not a modest beat) to investor expectations. Total sales of $887M were basically in-line with the DB/Street view, driven by an overall -1% comp (-5% Americas, -5% Asia-Pac, +10% Japan, and +2% Europe). Relative to our 57.5% forecast, GM came in light at 56.3% (which hurt relative EPS by $0.06), though SG&A control was impressive at 38.9% of sales (which helped relative EPS by $0.11). We'll get more color on what drove SG&A control on the call and follow-up with management. Higher ‘other expenses' and tax rate also pressured EPS relative to our $0.71 forecast.” Tiffany & Co. closed on Friday at $58.50.