Tiffany (TIF) PT Bumped to $91 at Cowen Post Q3; Favorite Luxury Idea

November 29, 2016 12:13 PM EST
Get Alerts TIF Hot Sheet
Price: $79.42 +0.49%

Rating Summary:
    17 Buy, 17 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Cowen analyst Oliver Chen reiterated an Outperform rating and bumped his price target on Tiffany & Co. (NYSE: TIF) to $91.00 (from $90.00) following solid Q3 results. The stock is the firm's favorite luxury idea.

Chen commented, "We're most impressed with fashion jewelry stabilizing in 3Q, and in our view, newness in <$500 (Return to Tiffany Love & Infinity collections) resonating with customers. Also, we believe high degree of service and attractive conversion partially offset traffic disruption from Trump protests to the company's Fifth Avenue flagship. Furthermore, we think guidance is sufficiently conservative given two quarters of beats while TIF has reiterated FY16 outlook. We need to acknowledge commodity costs mixed on as rising precious metal costs may potentially offset lower diamond costs (2-yr turnover rate) going forward, but TIF may have leverage to raise prices to offset margin pressure. We also believe TIF is utilizing current F/X spot rates, and a stronger or weaker dollar could impact tourism flows and pricing trends."

For an analyst ratings summary and ratings history on Tiffany & Co. click here. For more ratings news on Tiffany & Co. click here.

Shares of Tiffany & Co. closed at $78.14 yesterday.

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