UPDATE: Jefferies Reduces PT to $55 on Tiffany & Co Following Q3 Results

Jefferies reiterated its Hold rating on Tiffany & Co

and reduced its price target from $62 to $55. Jefferies noted, "TIF posted softer than expected 3Q results primarily due to weaker margins. The company also lowered its outlook and now expects GM% declines in 4Q. Clearly TIF is under pressure from product cost inflation and some tough global macro trends. While we think the earnings bar is now low enough, we prefer to remain on the sidelines for now and will reassess for next year." Tiffany & Co closed at $59.30 on Wednesday.