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UBS Warburg Raises Target for Tiffany

UBS Warburg raises its stock price target for Tiffany (TIF), saying it recommends buying the shares prior to the luxury retailer's sales report on Jan. 8.

Analyst Aram Rubinson says the current situation is bleak, but the next data points cannot conceivably get much worse; everything that can go wrong already has. The analyst says some EPS risk persists, but the stock is not likely to react to a sixth concern as much as it did first five. The analyst believes investors will respond positively to first sign of good news and thinks the situation is compelling.

Rubinson notes that over the years, the best time to buy TIF stock has often been the bleakest. The analyst sees EPS of $1.10 in 2001 and $1.17 in 2002. The analyst raises $35 price target to $39, and reiterates a strong buy rating.

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