Tiffany & Co. (TIF) Shows Solid Growth Despite Domestic Weakness; Mizuho Securities Reiterates Buy
Mizuho Securities reiterated a Buy rating and $90.00 price target on Tiffany & Co. (NYSE: TIF) following the company's 3Q earnings report. TIF reported OpEPS of $0.70, which came in above Mizuho's $0.68 estimates, but below consensus’ $0.75. While the Americas remains challenged by soft tourism and local demand, all other regions posted constant currency comp increases.
Analyst Betty Chen commented, "As expected, TIF reported a 3Q miss and reduced its FY15 earnings outlook on macro concerns and softness in Americas on a stronger US dollar. With the exception of the U.S., the company demonstrated constant currency comp growth in all Int'l segments in the face of challenging macro conditions. Importantly, the company introduced product refreshes and successfully implemented strategic price increases that enabled gross margin expansion, providing a glimpse into FY16 opportunity, in our view, given favorable input costs tailwind and easier currency comparisons next year."
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Shares of Tiffany & Co. closed at $76.55 yesterday.