Goldman Sachs Downgrades Tiffany & Co. (TIF) to Buy

March 24, 2014 8:23 AM EDT
Get Alerts TIF Hot Sheet
Price: $131.46 --0%

Rating Summary:
    5 Buy, 31 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 35
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Goldman Sachs downgraded Tiffany & Co. (NYSE: TIF) from Conviction Buy to Buy with a price target of $100.00 (from $101.00). Analyst Lindsay Drucker Mann believes catalysts may take longer to play out.

"The key drivers of our bullish view have been (1) robust gross margin expansion on the back of lower input costs and diminished negative product mix, (2) stepped-up free-cash conversion, and (3) a healthy comp sales dynamic, with ongoing strength overseas and a nascent acceleration in the US. While the 4Q report reinforced our confidence on the comp story, it also brought to light that the margin and cash components we anticipated now seem like they will take a bit longer to materialize," said Drucker Mann.

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 $90.73 yesterday.

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