Nomura Securities Cuts Price Target on Tiffany & Co. (TIF) to $75; Reiterates Buy
Nomura Securities maintained a Buy rating on Tiffany & Co. (NYSE: TIF), and cut the price target to $75.00 (from $90.00), following the company's 1Q earnings report.
Analyst Robert Drbul commented, "TIF reported 1Q16 EPS of $0.69, including a $0.05 tax benefit, below our estimate of $0.70 and above consensus of $0.68. Worldwide comp sales declined 9%, well below our expectation for a 5% decline. The USD strength continues to hinder foreign tourist spending in the U.S. (<25% of sales), while local consumers and tourists globally remain cautious in light of macro uncertainty and geopolitical risk. We expect headwinds to remain acute in 2Q but continue to forecast improvement into 2H16."
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Shares of Tiffany & Co. closed at $63.89 yesterday.