Friday, April 26, 2002 10:30:37 AM
Market Report -- Short Stories (TIF)
April 25, 2002 3:43:00 PM ET
Tiffany & Co (TIF) 39.35 +2.95: Stock soars another 8% following mgmt's move to raise Q1 guidance to $0.22 this morning (vs. consensus est of $0.17); analysts praise the co. and continue to see upside to shares despite stock's steady climb to nearly $40 from 9/11 lows of approx $20. Thomas Weisel reiterates their Buy rating and raises their price taget to $50 from $47. Firm believes transaction growth will continue given the under-penetrated brand and unique competitive position; names 2 new gross margin drivers in 2003 as (1) a resources agreement that will enable sourcing a portion of diamonds at below mkt prices and (2) fees paid to Mitsukoshi (which represented 15% of sales in 2001 will be reduced from about 27% of sales in standard boutiques to a range of 24-26% of sales.
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