KeyBanc Initiates Coverage on Tiffany & Co. (TIF) with a Buy; Share Gains, Gross Margin Increase
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KeyBanc initiates coverage on Tiffany & Co. (NYSE: TIF) with a Buy rating. Price target $50.
KeyBanc analyst says, "We think TIF will capture market share due to the financial disarray within jewelry retail. Over the last year, the jewelry retail industry has gone through a radical restructuring, as we estimate at least 5-10% of the industry has declared bankruptcy and/or closed. Tiffany's brand is one of the strongest in jewelry, in our opinion, yet the Company has a very broad price point offering. Despite our still cautious near-term stance on the consumer, we think that TIF will emerge with long-term share gains...We establish a $50 price target, which implies a 23.8x P/E based on our $2.10 2010 EPS estimate. Risks that could impede the stock from reaching our price target are centered around deteriorating macroeconomic conditions, a significant increase in commodity prices (diamonds, silver, platinum, gold and precious gemstones) and an intense competitive environment."
To see all the upgrades/downgrades on shares of TIF, visit our Analyst Ratings page.
Tiffany & Co., through its subsidiaries, engages in the design, manufacture, and retail of fine jewelry.
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