Luxury jewelry retailer, Tiffany & Co. (NYSE: TIF) was upgraded by analysts at Stifel Nicoluas to “buy” from “hold” on Monday. The firm has set a price target of $92.00 on the stock, which implies an upside potential of 19.45%.
How Other Brokerage Firms Rate the Stock?
Earlier on July 8th, analysts at TheStreet reaffirmed “buy” rating on the stock while analysts at brokerage firm, Topeka Capital Markets also reiterated “buy” rating on the stock on July 3.
In all, eleven equity research analysts maintain a “buy” rating; eleven have assigned a “hold” rating while one firm keeps a “sell” rating on the stock. The average target price is $74.45.
Following the upgrade, shares of Tiffany & Co gained about 3% in early trading on Monday.
The New York City-based Company is slated to announce fiscal second quarter results on August 26. The Company has provided earnings guidance of 72 cents a share.
Strong Fiscal First Quarter Results
On May 28, the jewelry maker handed better-than-expected fiscal first quarter results. For the quarter ended April 30, the Company reported 3% increase in net income, which was aided by strong sales growth in Asian Pacific, in particularly Japan—offsetting sluggish performance in the domestic market.
The Company posted net income of $83.6 million or 65 cents a share for the fiscal first quarter up from $81.5 million or 64 cents a share, in the year earlier quarter. Adjusting onetime items, the Company earned 70 cents on non-GAAP basis, beating analysts’ consensus forecast for 52 cents a share. Revenue jumped 9.3% to $895.5 million but excluding the impact of foreign exchange fluctuations, sales climbed 13%. Analysts’ consensus forecast was for $855 million, according to a data compiled by Thomson Reuters.
At that moment, the Company also reaffirmed its full-year earnings outlook. The Company expects earnings to be in the range of $3.43 to $3.53 a share while analysts’ forecast was for $3.48 a share.
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