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The momentum gathered from the better-than-expected fourth-quarter fiscal 2012 results due to a surge in demand in the Asia-Pacific region facilitated the shares of Tiffany & Company (TIF - Analyst Report) to attain a new 52-week high of $72.48, yesterday.

Shares of this Zacks Rank #3 (Hold) stock eventually closed at $72.00, up 2.5% from the previous day’s session and generated a year-to-date return of roughly 22.7%. The company currently trades at a forward P/E of 20.75x, a 6.9% premium to the peer group average of 19.41x. Average volume of shares traded over the last 3 months stands at approximately 2,343K.

Tiffany holds a significant position in the world jewelry market due to its distinctive brand appeal. This is well justified through its stronger-than-anticipated fourth-quarter bottom-line results.

The company declared impressive results on Mar 22, 2013, wherein earnings of $1.40 per share beat the Zacks Consensus Estimate of $1.37, and rose marginally by 0.7% from $1.39 earned in the prior-year quarter. The positive earnings surprise of 2.2% followed four straight quarters of negative earnings surprises. Again, with respect to its top line, Tiffany registered growth of 4% to $1,235.8 million.

We believe Tiffany is well positioned to support robust sales and earnings growth in the long run by leveraging capital investments made over the past several years in distribution, manufacturing and diamond sourcing processes. Moreover, with nearly half of the total sales generated internationally, we believe that the company is sufficiently diversified from a regional perspective as well.

Tiffany now projects fiscal 2013 earnings in the range of $3.43 to $3.53 per share, reflecting year-over-year growth of 6% to 9%. On the other hand, total net sales are forecasted to increase between 6% and 8% for the fiscal year.

Alongside, companies such as Constellation Brands Inc. (STZ - Analyst Report), News Corporation (NWSA - Analyst Report) and Colgate-Palmolive Co. (CL - Analyst Report) achieved new 52-week highs of $49.22, $31.13 and $118.97, respectively, on Tuesday, Apr 2.

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