Goldman Sachs Cuts Numbers on Tiffany & Co. (TIF) after Weak Q1, Guidance
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Price: $131.46 --0%
Rating Summary:
4 Buy, 31 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 31 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Goldman Sachs cut estimates and its price target on Neutral-rated Tiffany & Co. (NYSE: TIF) from $70 to $64 following weak Q1 results and lower guidance.
The firm noted the company attributed weakness to constrained spending from financial sector employees, a highly promotional environment, and resistance to entry level product price increases. Also, tourism at the NYC flagship was flat with gains in Asian tourism offsetting declines from European.
Ongoing sales deceleration as the company approaches incrementally challenging comps leave the firm on sidelines.
The firm lowered FY12/FY13/FY14 EPS estimates to $3.75/$4.40/$5.05 from $4.00/$4.65/$5.33 prior.
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 $57.59 yesterday.
The firm noted the company attributed weakness to constrained spending from financial sector employees, a highly promotional environment, and resistance to entry level product price increases. Also, tourism at the NYC flagship was flat with gains in Asian tourism offsetting declines from European.
Ongoing sales deceleration as the company approaches incrementally challenging comps leave the firm on sidelines.
The firm lowered FY12/FY13/FY14 EPS estimates to $3.75/$4.40/$5.05 from $4.00/$4.65/$5.33 prior.
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 $57.59 yesterday.
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