WR Hambrecht + Co Initiates Coverage of Tiffany & Co.
(TIF) With a Buy Rating and $30 Target
10/5/01 4:31 AM
Source: PR Newswire
SAN FRANCISCO, Oct. 5 /PRNewswire/ -- WR Hambrecht + Co
today initiated research coverage on Tiffany & Co (NYSE:
TIF) with a Buy rating and $30 target. WR Hambrecht's
Specialty Retail analyst Kristine Koerber cites the
company's brand franchise, growth prospects, management
team and multi-channel distribution strategy as key
reasons for the rating. WR Hambrecht + Co offers all its
research reports free and real time at
www.wrhambrecht.com.
"We believe that investors should look at the company's
long-term fundamentals of reliable growth coupled with
its strong balance sheet with a modest debt level and
healthy cash flow generation," Koerber said.
She added, "While visibility is fogged for the upcoming
holiday season, we believe that the fundamental reasons
for investing in the Tiffany franchise remains unchanged
and the company's earnings power will recover to
normalized levels and above following this period of
uncertainty."
WR Hambrecht + Co estimates Tiffany's to post EPS of
$1.09 on revenues of $1.61 billion in fiscal 2001 and
$1.18 on $1.68 billion in fiscal 2002. Tiffany's
reported an EPS of $1.26 on $1.67 billion in fiscal
2000.
Tiffany & Co. designs, manufactures, distributes and
retails fine jewelry, timepieces, sterling silver goods,
china, crystal, stationery, writing instruments,
fragrances and personal accessories.
About WR Hambrecht + Co
WR Hambrecht + Co (www.wrhambrecht.com) is a financial
services firm committed to using the Internet and
auction process to provide openness, fairness and access
for investors, as well as fair pricing for issuers. The
firm's earliest and best-known innovations are OpenIPO,
an auction-based model for initial public offerings, and
OpenBook, an auction for corporate debt offerings. WR
Hambrecht + Co provides underwriting and advisory
services for technology and emerging growth companies,
as well as equity research, sales and trading,
electronic brokerage and private equity offerings for
institutions and individuals. WR Hambrecht + Co has
offices in San Francisco, New York, Boston, Philadelphia
and Seattle and is backed by industry leaders including:
American Century, American Express, Crimson Ventures,
epartners, Fidelity Ventures, Instinet Corporation,
Novell, Park Avenue Equity Partners, LP, Scudder
Technology Fund, Kemper Technology Fund and Texas
Pacific Group.
WR Hambrecht + Co. is a member of the National
Association of Securities Dealers, CRD number 45040.
