Sterne Agee reported on Thursday that it has upgraded Tiffany & Co. (TIF
) to “Buy.”
The firm has lifted its rating on TIF from “Neutral” to “Buy,” and has given the company a $86 price target. This price target suggests an 11% upside from the stock’s current price of $76.
An analyst from the firm noted: "We are upgrading TIF to Buy. The company has a highly visible margin recapture opportunity over the next 18-24 months, a rapidly growing international platform (50% of sales comping HSD) and a US business that, while lagging the past 18 months, has recently made a number of key hires and implemented several new product initiatives that should lead to improving performance over the medium-term. The recent pullback has created a compelling entry point, and we see several ways to win from here."
Tiffany shares were up $1.55, or 2.10%, during Thursday morning trading. The stock is up 31% YTD.
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