Nomura Securities Maintains a 'Neutral' on Tiffany & Co. (TIF); Review of 1Q Results

Nomura Securities maintains a 'Neutral' on Tiffany & Co. (NYSE: TIF), PT raised from $60 to $68.

Nomura analyst, Paul Lejuez, said, "TIF has strong momentum in all of its businesses, posting sales increases well ahead of expectations in 1Q. While we remain concerned that gross margin will be more pressured than mgmt expects, it just doesn't matter as the top line has far exceeded our expectations, which we think is likely to offset any potential declines in gross margin. We are raising our F11E from $3.10 to $3.57 primarily to reflect better sales than previously forecast. We remain Neutral as the stock trades at a slight premium to its luxury peers, which we do not believe is warranted. Px tgt increases to $68, representing ~16.5x our F12E of $4.16."

For more ratings news on Tiffany & Co. click here and for the rating history of Tiffany & Co. click here.

Shares of Tiffany & Co. closed at $76.04 yesterday.

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