Tiffany & Co. (TIF) PT, Estimates Raised at Nomura Post Q2

Nomura Securities analyst Robert Drbul reiterated a Buy rating and raised his price target on Tiffany & Co. (NYSE: TIF) to $115.00 (from $110.00) following second quarter results.

Drbul comments, "Total sales in the quarter increased 7% YoY to $993mn (+3% comps in constant currency), driven by 9% growth in the Americas (+8% comps in CC) and 14% growth in APAC (+7% comps in CC), partially offset by weakness in Japan (-13% comps in CC) and softer-than-anticipated sales in Europe (-8% comps in CC). We are encouraged by the 3rd consecutive quarter of improvement in the Americas, as well as the strength in APAC despite macro challenges. We note that Japan is still recovering from the April tax hike, though sales declined at a decelerating rate each month of the quarter, and Europe continues to work through macro challenges."

The firm raised FY14E EPS from $4.25 to $4.30; FY15E EPS from $4.80 to $4.85.

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 $101.75 yesterday.

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