Sterne Agee Has Buy Rating On Tiffany & Co

Sterne Agee Has Buy Rating On Tiffany & Co. (TIF) Sterne Agee has a Buy rating and a $69 price target on shares of Tiffany & Co. TIF. In a note to investors, Sterne Agee writes, "Our $69 PT is based on a lower multiple of 18.5x our FY12 estimate (vs. 20x previously), in line with the company's five-year historical forward average and reflecting the lack of visibility surrounding business in Japan. TIF should continue to benefit, in our view, from a globally diversified business model (particularly leverage to the Chinese consumer), a return of the high-end consumer and industry consolidation. The company also has a strong balance sheet that serves as a competitive advantage in a capital-intensive business, with $741 million (or $5.75 per share) in cash and investments at the end of Q4." Shares of TIF gained $2.93 yesterday to close at $60.22, a gain of over 5%.