Monday, January 23, 2012 2:11:57 PM
BY Dow Jones & Company, Inc.
— 8:02 AM ET 01/23/2012
8:02 (Dow Jones) Long-time Tiffany (TIF) bull Oppenheimer says the luxury jeweler's holiday-sales miss and toughening comparisons "has dismayed investors and could weigh upon market sentiment toward TIF for some time. Herein lies opportunity. We believe weaker sales growth at TIF sales reflects largely a confluence of mostly transitory factors. The TIF story is by no means 'broken.' Shares now trade at a level that significantly underappreciates the longer-term earnings power of the chain." So while cutting its price target on the stock to $75 from $93 and lowering the coming year's EPS target 10%, "we believe that the next major move in shares will be higher." TIF is down 22% since Halloween, ending Friday at $61.88. (kevin.kingsbury@dowjones.com)
http://stockcharts.com/h-sc/ui?s=TIF
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