Tiffany & Co. Given New $53.00 Price Target at Canaccord Genuity (TIF)
Equities researchers at Canaccord Genuity increased their target price on shares of Tiffany & Co. (NYSE: TIF) from $52.00 to $53.00 in a report issued on Friday. The firm currently has a “sell” rating on the stock.
The analysts wrote, “TIF reported Q4 EPS of $1.40, $0.05 ahead of our estimate and consensus. SSS were flat yr./yr. on top of +5%, matching us and the consensus forecast. The company generated 65bps of SG&A expense leverage, which was better than our estimate of a 51bps increase. This was partially offset by a gross margin contraction of 126bps as a result of continued weakness in lower-priced, higher-margin silver jewelry, higher precious metal and diamond costs, and reduced leverage on fixed costs. We had modeled for a 79bps decline. We do not believe the silver business has regained any momentum in the current quarter and expect margin pressure to persist through Q1. We are reducing our Q1 EPS estimate by $0.09 to $0.53.”
Tiffany & Co. (NYSE: TIF) traded up 1.94% on Friday, hitting $69.23. Tiffany & Co. has a 52-week low of $67.75 and a 52-week high of $69.78. The stock’s 50-day moving average is currently $68.. The company has a market cap of $8.777 billion and a price-to-earnings ratio of 20.99.
Tiffany & Co. (NYSE: TIF) last posted its quarterly earnings results on Friday, March 22nd. The company reported $1.40 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.36 by $0.04. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the company posted $1.39 earnings per share. Tiffany & Co.’s revenue was up 4.0% compared to the same quarter last year. Tiffany & Co. has set its FY14 guidance at $3.43-3.53 EPS. Analysts expect that Tiffany & Co. will post $3.21 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on TIF. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Tiffany & Co. in a research note to investors on Tuesday. Separately, analysts at S&P Equity Research raised their price target on shares of Tiffany & Co. from $70.00 to $77.00 in a research note to investors on Friday, March 15th. Finally, analysts at S&P Equity Research downgraded shares of Tiffany & Co. from a “strong-buy” rating to a “buy” rating in a research note to investors on Friday, March 15th.
Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. Tiffany & Co. has an average rating of “Hold” and an average target price of $68.18.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, April 10th. Investors of record on Wednesday, March 20th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Monday, March 18th.
Tiffany & Co is a holding company that operates through its subsidiary companies. The Company’s principal subsidiary, Tiffany and Company (NYSE: TIF), is a jeweler and specialty retailer whose principal merchandise offering is jewelry.
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