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Is Tiffany's Long-Term Outlook Getting Brighter?

Tiffany's Could Be Brightening TIF

Tiffany & Co. TIF 2.99% is scheduled to report its Q3 results on November 29. While the company continues to operate in a challenging environment that could impact its near-term performance, the longer-term outlook seems to be brightening.

Oppenheimer’s Brian Nagel maintained an Outperform rating on Tiffany, while raising the price target from $80 to $87.

“In our view, TIF represents an established, yet still up-and-coming global luxury brand, with the potential to continue to successfully build consumer recognition in new and existing markets,” Nagel wrote.

Q3 Preview

Tiffany continues to face a tough sales backdrop and higher expenses could impact its results, leading to the company missing the Street’s aggressive estimates, Nagel commented. He added that the miss may exert pressure on the stock in the near term.

The analyst reduced the EPS forecast for the quarter from $0.66 to $0.62, versus the Street’s $0.67.

Outlook

The EPS estimate for Q4 has been raised from $1.46 to $1.49, versus the Street's $1.47.

“Longer term, we are increasingly optimistic that internal merchandising and marketing efforts have the potential to fuel improved results, particularly as macro pressures potentially subside,” Nagel stated. He noted that although the company’s shares had gained almost 30 percent since late June, they were still below the all-time peaks of more than $100.

DateFirmActionFromTo
Nov 2016OppenheimerMaintainsOutperform
Nov 2016Cowen & Co.UpgradesMarket PerformOutperform
Sep 2016GuggenheimInitiates Coverage onBuy

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