Mizuho Securities Raises Price Target on Tiffany & Co. (TIF) to $82 Following Solid 2Q Beat
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Mizuho Securities reiterated a Buy rating on Tiffany & Co. (NYSE: TIF), and raised the price target to $82.00 (from $72.00), following the company's 2Q earnings report. TIF reported EPS of $0.84, above the consensus estimates of $0.62. The beat was driven by SG&A control and stabilization in select regions.
Analyst Betty Chen commented, "We are increasing our estimates and PT to $82 (from $72) to reflect a solid 2Q beat driven by SG&A control and stabilization in select regions. While traffic and macro headwinds may continue to pressure the high-end consumer and tourism, we believe the reiterated outlook appears prudently cautious against progressively easier 2H compares and slight sequential acceleration on 2-yr stacked comps for APAC, Japan and Europe in 2Q. With planned product innovations, favorable input costs, and ongoing store renovations and CRM to enhance customer engagement, we believe TIF is executing toward its LT plan."
Shares of Tiffany & Co. closed at $68.87 yesterday.
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