Legg Mason Cuts Rating on Tiffany to Hold from Buy

Cites the company's share price

Legg Mason downgraded Tiffany & Co (TIF ) to hold from buy, explaining that the company's share price has moved past his $42 target.

Analyst David Schick believes the shares are pricing in factors such as continued strength domestically and in Japan, among other things. He believes it unlikely that Tiffany's operating income will grow appreciably faster in fiscal year 2006 (ending January) than in fiscal year 2005. He remains favorably disposed toward the stock as he likes the company's business model.

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