Oppenheimer Maintains Outperform on Tiffany & Co. (TIF)

Oppenheimer is out with its report today on Tiffany & Co. TIF, maintaining Outperform.

In a note to clients, Oppenheimer writes, "Shares of Tiffany remain under significant pressures as earthquake-related tragedies in Japan continue to unfold. Since Thur., Mar 10th, TIF is down 9% vs. declines of 3% in the S&P 500 and 3% in our Opco Hardlines Index. The situation in Japan remains very fluid. We extend our utmost condolences to all those impacted by the recent tragedies. We have no way of accurately assessing the ultimate impact to sales at TIF. We recently preemptively cut sales and EPS figures. Herein we examine the mid-1990s Kobe earthquake for clues as to how sales at TIF might trend over the next several months. Our Outperform rating on TIF reflects our still positive longer term outlook for shares."

Shares of TIF closed Wednesday at $56.27, down 2.44% from Tuesday's close.