Wells Fargo Comments on Tiffany's (TIF) Q1

Wells Fargo maintained a Market Perform rating on Tiffany & Co. (NYSE: TIF) with a price target of $86-$90. Analyst Paul Lejuez noted the company was a standout in Q1.

"Q1 was a strong quarter all around, with good top-line results in nearly all regions and 200bps of gross margin expansion. Management also raised full-year guidance and if sales continue at the current pace, it seems likely to beat the plan. We continue to like the TIF story, but we have been sidelined by the valuation. Beating numbers to this degree, it seems that should have been less of a concern. The only word of caution at this point is to ask ourselves if perhaps more dollars found their way into non-weather sensitive categories such as jewelry (in the U.S.) given the impact of bad weather on apparel sales in Q1," he said.

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 $88.23 yesterday.

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