Morgan Stanley Expects Conservative Guidance for Tiffany & Co.

In a report published Monday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “Continued uncertainty has likely distracted aspirational TIF consumers causing lower silver sales and resulting in a sales mix shift to higher price, lower margin jewelry. TIF's dominant luxury brand, global expansion potential, and pricing power make it a fundamentally attractive business. Sales mix shift to fine jewelry may not return GM to prior peak but GM likely still improves and brand elevation is best for TIF long-term. Recent fashion jewelry improvement mong gold pieces looks encouraging but at 20x FY 15e EPS TIF is trading near its post-recession high.” Tiffany & Co. closed on Friday at $91.90.