Deutsche Bank Increases Price Target on Tiffany & Co. (TIF)

Deutsche Bank increases its price target on Tiffany & Co. TIF to $66.50. DB also increases FY2010 EPS from $2.40 to $2.78. In a note to clients, Deutsche Bank writes, "Accelerating comps in 3Q revealed all the sparkle of Tiffany's successful jewellery business, and for the first time international is bigger than domestic. EPS of $0.43 were ahead of our $0.40 and 16% better than consensus. Trends have been accelerating into October, despite toughening comps, and Tiffany reported a healthy start to the key holiday season. Strong pricing power and a robust new opening plan should help deliver healthy top line and d-d earnings growth in FY12. We increase our FY11 clean-EPS by 11% to 2.81 and target price >10% to $66.5." TIF is trading at $60.05.