Mizuho Securities Reiterates Buy on Tiffany & Co. (TIF) Following CFO Appointment
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Mizuho Securities reiterated a Buy rating and $82.00 price target on Tiffany & Co. (NYSE: TIF) following the company's announced appointment of Mark Erceg as CFO. Erceg's appointment is effective 10/18/2016.
Analyst Betty Chen commented, "We believe the appointment of seasoned executive Mark Erceg as CFO further bolsters the executive team at Tiffany & Co. Mr. Erceg’s strong financial and operational background with broad International brands pairs well with the company’s strategic growth initiatives to combine compelling product/new collections with enhanced operational discipline (inventory management and vertical supply chain). As a reminder, the company recently posted a 2Q beat, delivering its 13th consecutive of gross margin improvements."
Shares of Tiffany & Co. closed at $68.30 yesterday.
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