UPDATE: Jefferies Raises PT on Tiffany & Co. on Better 4Q Results

In a report published Friday, Jefferies analyst Randal J. Konik reiterated a Hold rating on Tiffany & Co.

, and raised the price target from $55.00 to $65.00. In the report, Konik noted, “TIF posted slightly better 4Q results vs. recently lowered expectations and provided an in-line FY'14 outlook. While topline and margin estimates have come in and comparisons ease in coming quarters, we remain cautious given the difficult trends in the silver business and prior string of downward earnings revisions. Despite the stock's recent move we prefer to remain on the sidelines. Maintain Hold rating.” Tiffany & Co. closed on Thursday at $67.91.