JMP Securities Ups Tiffany & Co. to Outperform
JMP Securities upgraded Tiffany (TIF) to outperform from market perform, noting the recent pullback in the share prices has created a good entry point for long-term investors.
Analyst Kristine Koerber says the global luxury brand will benefit from a more resilient high-end consumer, which is less impacted by the rising fuel prices and higher interest rates that have partly contributed to investors' concerns. She believes Tiffany is smartly deploying excess cash flow, including buying back shares, to shareholders' benefit. She has a $37 stock price price target.