Deutsche Bank Downgrades Tiffany & Co. (TIF) to Hold

Deutsche Bank downgraded Tiffany & Co. (NYSE: TIF) from Buy to Hold, saying the stock is now priced to perfection. The firm has a $76 price target.

The firm states, " Tiffany's 1Q12 results were 15% higher than our and consensus expectations, prompting a 14% upgrade to our EPS and a 16% rise in our target price (now $76). We downgrade TIF to Hold due to its strong performance year to date, which has brought the valuation to a 10% premium vs. other global luxury brands. We still like the TIF equity story; we realize the company is in a sweet spot, but the 22x FY12E and 19x FY13E PERs indicate the quality is already in the price."

The firm raised FY12E EPS from $3.08 to $3.51 and FY13E from $3.56 to $4.01 to reflect encouraging improvement in Japan and strong sales momentum.

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 $75.66 yesterday.

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