UPDATE: Canaccord Genuity Downgrades Tiffany & Co to Hold on Lack of Near-Term Visibility

Canaccord Genuity downgraded Tiffany & Co

from Buy to Hold and maintained at $58.00 price target. Canaccord Genuity noted, "We are downgrading shares of TIF from Buy to HOLD as the company's sales momentum continues to decelerate against an uncertain macroeconomic backdrop. Recent tax law changes threaten to pressure luxury spending, particularly from aspirational consumers. We believe TIF's near-term visibility is clouded as evidenced by the fact that EPS has missed expectations for four consecutive quarters, and recent guidance for FY12 EPS at the low end of the $3.20-$3.40 range is 19% below management's initial outlook." Tiffany & Co closed at $62.73 on Wednesday.