Nomura Securities Raises Price Target on Tiffany & Co. (TIF) Following Better-Than-Expected 2Q
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Nomura Securities reiterated a Buy rating on Tiffany & Co. (NYSE: TIF), and raised the price target to $76.00 (from $64.00), following the company's 2Q earnings report. TIF posted meaningfully better-than-expected GMs in 2Q for a third straight quarter of >200bp expansion. The beat allowed management to maintain its guidance when many were expecting a cut. TIF bought back ~1.1mn shares in 2Q, leaving $344mn available for additional buybacks. Management noted that due to macro they chose to not raise guidance, adopting a prudent stance.
Analyst Simeon Siegel commented, "With 2Q’s beat allowing mgmt. to hold their FY guidance, TIF’s results proved better than feared, with compares easing ahead. We are still far from a topline recovery and concerns remain without a clear progression to positive comps, but with mgmt. commentary suggesting they decided not to raise guidance, the company’s comfort with current expectations is apparent."
Shares of Tiffany & Co. closed at $73.56 yesterday.
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