Tiffany & Company (TIF)
by Zacks Equity ResearchJune 29, 2012 | Comments : 0 Recommended this article: (0)
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The disappointing bottom-line result was a reflection of murky performance in the Americas region due to soft demand for jewelry. Given the lower-than-expected results and sluggish economic recovery, management trimmed its fiscal 2012 sales and earnings outlook. Tiffany now anticipates 7% to 8% growth in total net sales, down from 10% predicted previously. Management now projects earnings in the range of $3.70 to $3.80 per share, down from $3.95 to $4.05 forecasted earlier.
The stock is also trading at a discount to the peer group, based on forward earnings estimates. Our target price of $48.00, 12.9X 2012 EPS, reflects our Underperform view.
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