Guggenheim analyst Robert Drbul assigned a Buy rating to Tiffany & Co (NYSE: TIF) today and set a price target of $150. The company’s shares opened today at $126.05, close to its 52-week high of $126.64.
Drbul commented:
“We are also encouraged by the new $1bn share repurchase authorization announced today, aided by TIF’s continued strong cash flow generation. We raise our $4.40/$4.95, respectively, and our PT to $150 from $120. We remain BUY rated. Tiffany reported a +7% global comp increase (CC), above our estimate of +3%, led by the Americas (+9% comp vs. our +2%; CC). Elsewhere, APAC comps rose 9% (vs. our +3%; CC) and Japan rose 9% (vs. our +6%; CC), while Europe declined 9% (vs. our -1%; CC) due to lower tourist spending and cannibalization to a lesser degree. Sales to local customers were positive across all regions, an indication of Tiffany’s brand strength and benefits from product/marketing initiatives, while global performance also benefited from demand from Chinese and other foreign tourists.”
According to TipRanks.com, Drbul is a 5-star analyst with an average return of 14.9% and a 76.5% success rate. Drbul covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Lululemon Athletica Inc, and Ascena Retail Group.
Currently, the analyst consensus on Tiffany & Co is Strong Buy and the average price target is $120.80, representing a -4.2% downside.
In a report issued on May 18, Oppenheimer also reiterated a Buy rating on the stock with a $115 price target.
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The company has a one-year high of $126.64 and a one-year low of $84.15. Currently, Tiffany & Co has an average volume of 1.77M.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TIF in relation to earlier this year.
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Tiffany & Co. is a holding company, which through its subsidiaries, engages in manufacture and sale of jewelry merchandise. The firm also sells timepieces, leather goods, sterling silver goods, china, crystal, stationery, fragrances, and accessories. It operates through the following geographical segments: Americas, Asia-Pacific, Japan, Europe, and Other.
