EPS Beat Improves Cowen's Confidence on Tiffany & Co. (TIF); Reiterates Market Perform
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Rating Summary:
5 Buy, 31 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 10
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Cowen reiterated a Market Perform rating on Tiffany & Co. (NYSE: TIF), and raised the price target to $74.00 (from $68.00), following the company's 2Q earnings report. TIF reported a worldwide comp decline of -9% C/C, partly attributed to lower tourist spending. However, a $0.12 EPS beat has Cowen encouraged with TIF's potential for improvement.
Analyst Oliver Chen commented, "Total comps of -9.0% C/C vs. Street's -7.8%, as most regions continued to see soft luxury spend by local & foreign tourists; but, we're encouraged by 2Q EPS +12c beat vs. Street on better-than-expected GM & less SG&A de-leverage, plus TIF maintaining full-year guidance & FCF outlook of at least $400mm despite tough macro backdrop. Reit. Market Perform w/ New $74PT."
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 $73.28 yesterday.
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