Target price raised from $33 to $42.
WR Hambrecht Sees Normal Growth Levels for TIF in 2004 [delayed]
Ridgeland, MS, AUG 14, 2003 (EventX/Knobias.com via COMTEX) -- WR Hambrecht reiterated its Buy rating on Tiffany (TIF) and raised its price target from $33 to $42, believing the Co has managed through the difficult environment fairly well and that it has hit a base level and should be able to return to normalized growth levels over the next year. The firm also believes that the tax cuts, leveling off of financial industry layoffs and continued improvement in consumer confidence sets the company up for a decent holiday season.
TIF reported Q2 EPS of 28c, exceeding expectations by 4c, on net sales of $442.5 million, driven by strong comps in the U.S. and improving trends in Japan. As a result, WR Hambrecht raised its 2003 EPS estimate by 5c to $1.40, ahead of mgmt's guidance of $1.33 - 1.38, to reflect the better-than-expected Q2 results. The firm also raised its 2004 EPS estimate from $1.57 to $1.62.
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