Goldman Sachs commented on Tiffany & Company TIF in a report released yesterday. In the report, Goldman was negative in its assessment.
Goldman writes, "TIF reported 1Q11 EPS of $0.67 (ex HQ charge), a dime ahead of GS, consensus and mgmt guidance. Sales were better than expected across the globe, and impact to Japan was limited to just a 3% SSS decline. We are raising our F11/12/13 EPS to $3.70/$4.20/$4.60 from $3.33/$3.61/$3.86 on better sales momentum and leverage on fixed costs. Our negative thesis hinges on valuation, not fundamentals, but the positive results at TIF have rendered valuation less important. Strong sales are supportive of our high end thesis, and TIF is seamlessly passing through price increases and seeing units continue to increase."
Goldman Sachs currently has a Sell rating on Tiffany and a price target of $68. Shares of the company closed at $76.04, up from $73.50 at the opening bell.
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