Tiffany & Co. (TIF): Cutting Estimates on Weaker Tourism - Mizuho
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Mizuho Securities analyst, Betty Chen, reiterated her Buy rating on shares of Tiffany & Co. (NYSE: TIF) but is reducing forward estimates due to tourism traffic headwinds and as macro/geo-political/terrorism headlines hamper international spending.
The analyst believes investors would not be surprised by a moderated FY16 outlook and is more focused on the product, store fleet, and digital initiatives underway to position the company for LT growth.
However, as compares become progressively easier in 2H/FY17, the company will benefit from: 1) product repositioning, 2) marketing initiatives, and 3) favorable input costs to drive gross margin expansion in FY16 particularly as FX headwinds begin to moderate.
No change to the price target of $72.00
Shares of Tiffany & Co. closed at $68.52 yesterday.
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