Deutsche Securities Reports on Tiffany & Co

Deutsche Securities commented on Tiffany & Co TIF in a report released today. In the report, Deutsche Securities was mixed in its assessment of the company. Deutsche Securities writes, "Tiffany's 1Q12 results were 15% higher than our and consensus expectations, prompting a 14% upgrade to our EPS and a 16% rise in our target price (now $76). We downgrade TIF to Hold due to its strong performance year to date, which has brought the valuation to a 10% premium vs. other global luxury brands. We still like the TIF equity story; we realize the company is in a sweet spot, but the 22x FY12E and 19x FY13E PERs indicate the quality is already in the price." Deutsche Securities has a Hold rating on Tiffany & Co and a price target of $76. Shares of TIF closed at $75.66 on Tuesday.