Tiffany: Shares Are Already Pricing In A Healthy Dose Of Optimism, Says William Blair

In a research note issued yesterday, William Blair analyst Amy Noblin maintained a Market Perform rating on Tiffany & Co. (NYSE:TIF), following slightly beaten second-quarter earnings, which came out to be $0.96 (estimate 0.84). No price target was given. 

Nobiln noted: “We are encouraged by solid results in the Americas and Asia-Pacific and the improvement in fashion jewelry following a period of prolonged weakness. Furthermore, we see the potential for new jewelry collections, which will be supported by increased marketing, to support sales in the second half. We believe guidance will likely prove conservative— more on gross margin if fashion jewelry rebounds, and to a lesser extent on sales with the potential for improved trends from the newer jewelry collections, partly offset by Europe and Japan. With a valuation of 23.5 times our revised above-guidance 2014 estimate (16.6% growth) and 20.6 times our revised 2015 estimate (13.9% growth), we believe the shares are already pricing in a healthy dose of optimism as Tiffany evolves to more of a fashion than occasion brand. We are not inclined to chase at these levels despite our positive long-term view on the name.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Amy Noblin has a total average return of -7.7% and a 60.0% success rate. Noblin is ranked #2922 out of 3265 analysts.


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