Tiffany & Co. Upgraded by Goldman Sachs Group Inc. to “Conviction-Buy” (TIF)
Tiffany & Co. (NYSE:TIF) was upgraded by Goldman Sachs Group Inc. from a “neutral” rating to a “conviction-buy” rating in a research note issued on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $105.00 target price on the stock, up from their previous target price of $97.00. Goldman Sachs Group Inc.’s price target would indicate a potential upside of 18.54% from the company’s current price.
The analysts wrote, “We upgrade TIF to CL-Buy from Neutral, with a +19% expected return over a 6-month horizon and high visibility near-term catalysts. TIF is a top idea into year-end and early 2014 based on near-term upside to both gross margin and free-cash expectations, as well as sustained quality sales momentum. TIF’s underlying EPS and cash generation power have been masked in recent years by headwinds that are now reversing. These include cost inflation, delayed price actions, and cash investments in fixed assets and inventory. We are +12% above the consensus in 4Q13 and +10% above for FY13 as the full potential of TIF’s P&L shows through.”
Tiffany & Co. (NYSE:TIF) traded up 1.40% during mid-day trading on Thursday, hitting $89.82. The stock had a trading volume of 1,083,529 shares. Tiffany & Co. has a 52-week low of $55.83 and a 52-week high of $89.72. The stock’s 50-day moving average is $81.4 and its 200-day moving average is $78.6. The company has a market cap of $11.492 billion and a price-to-earnings ratio of 26.29.
Tiffany & Co. (NYSE:TIF) last issued its quarterly earnings data on Tuesday, November 26th. The company reported $0.73 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.58 by $0.15. The company had revenue of $911.00 million for the quarter, compared to the consensus estimate of $889.51 million. During the same quarter last year, the company posted $0.49 earnings per share. Tiffany & Co.’s revenue was up 6.9% compared to the same quarter last year. On average, analysts predict that Tiffany & Co. will post $3.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, January 10th. Investors of record on Friday, December 20th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Wednesday, December 18th.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Tiffany & Co. in a research note to investors on Friday, November 29th. They now have a $93.00 price target on the stock. Separately, analysts at Cantor Fitzgerald raised their price target on shares of Tiffany & Co. to $98.00 in a research note to investors on Wednesday, November 27th. Finally, analysts at Credit Suisse raised their price target on shares of Tiffany & Co. to $94.00 in a research note to investors on Wednesday, November 27th. They now have a “hold” rating on the stock. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Tiffany & Co. currently has a consensus rating of “Hold” and a consensus price target of $83.63.
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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