In a report released today, Brian Nagel from Oppenheimer reiterated a Buy rating on Tiffany & Co (NYSE: TIF), with a price target of $115. The company’s shares closed yesterday at $104.18.
Nagel noted:
“In early May, in a report entitled Here), we reiterated our Outperform rating and lifted our price target on shares to $115 (from $105). The crux of our positive, nearer term argument on TIF is that new senior leadership, spurred by a noted activist investor, has the potential to unlock meaningfully improved financial results and better leverage an underlying, powerful luxury brand. We monitor a number of key TIF variables. Earlier this week, Macy’s (M) called out a marked improvement in sales to international tourists as a contributor to stronger top-line trends. We are increasingly optimistic that a strengthening macro backdrop, including better foreign shopper spending, could make for an even more conducive recovery environment for Tiffany.”
According to TipRanks.com, Nagel is a 4-star analyst with an average return of 4.2% and a 59.9% success rate. Nagel covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Dick’s Sporting Goods, and Advance Auto Parts.
Currently, the analyst consensus on Tiffany & Co is Strong Buy and the average price target is $116.60, representing an 11.9% upside.
In a report issued on May 3, Guggenheim also maintained a Buy rating on the stock.
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Based on Tiffany & Co’s latest earnings release for the quarter ending January 31, the company reported a quarterly net profit of $61.9 million. In comparison, last year the company had a net profit of $92.9 million.
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.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
