Looking At Tiffany's With Fresh Eyes Ahead Of Q4 Earnings

Oppenheimer rates luxury retailer Tiffany & Co. TIF at Outperform ahead of its earnings report, pegging a new price target of $105, up from $87.

After describing its nearer outcome for the jewelry giant as “more mixed,” in part because of “ongoing internal missteps,” the research firm said, “The narrative for TIF shares might now be shifting meaningfully. A well-regarded activist investor recently assumed a stake in TIF and seemingly influenced a significant management and board repositioning at the chain.”

“Headwinds persist,” the analysts noted. “That said, as we look toward later 2017 and beyond, we are increasingly optimistic that fresh eyes within the TIF senior ranks might bring an improved executional acumen and operating disciplines to the chain. Our new price target of $105 (up from $87) implies upside of over 15% from current levels.”

Tiffany was trading around $90.51 Thursday afternoon and it's up more than 13 percent in the past three months. The company will report earnings on Friday.

The company agreed to hire three independent directors in an agreement with JANA Partners LLC and Francesco Trapani, which own 5.1 percent of the company.

CEO Frederic Cumenal stepped down in February. The company's board is searching for a permanent replacement while Michael Kowalski leads the company on an interim basis. Kowalski is the current chairman of the board and previous CEO.