Tiffany's (TIF) Looks Good
Yesterday, I read an interesting column on RealMoney about Tiffany's (NYSE: TIF). Tiffany's was trading as low as $36, when the column appeared and today closed at $39.13 today. The writer of the column, Jason Raznick, noted that the planned buyback should help support the shares along with successful investor Nelson Peltz actively buying the shares. Nelson Peltz, through Trian Fund Management, controls 7.9% of Tiffany, making it the largest holder. Currently, you can buy these shares for a lower price than Peltz.
An excerpt from the column is below:
"Although the downturn in sales and concern over a slowdown in consumer spending did not shake up Tiffany's plans. The company intends to continue with its store expansion, having projected an increase of between 12% and 15% in its store base this year. Also, it will begin to wholesale its watch line, which will result in a new revenue stream."
Raznick says although it is a tough consumer environment, he believes the next couple of weeks may present a good buying opportunity in Tiffany, which should yield positive returns over the next few years.
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