Cowen Upgrades Tiffany & Co. (TIF) to Outperform
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Cowen upgraded Tiffany & Co. (NYSE: TIF) from Neutral to Outperform with a price target of $90.00 (from $74.00), saying luxury is coming back and the company is a well positioned, trusted brand.
Analyst Oliver Chen commented, "We upgrade TIF to Outperform w/ new $90PT given our conviction on improving 2H comps & return to growth in '17 on traffic/unit improving. Our thesis is driven by positive read-throughs from lux. peers combined w/ achievable guide, compelling long-term franchise, well-understood negatives, easy compares & multiple expansion prospects."
Shares of Tiffany & Co. closed at $80.23 yesterday.
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