Why Monday’s Weakness Is an Opportunity for Tiffany
Veronique Adam submits:
Stock price: $46.9
Conclusion: Monday’s weakness offers a good entry point. We upgrade our valuation range to $54-$55 per share, based on our 2010 and 2011 estimates. We think that Tiffany (TIF) is well positioned to achieve double digit growth in EPS, based on its products assortment and its network expansion combined with store productivity improvement.
2009 results: Sales down 5% to $2.71bn (-5% organic). Adjusted net earnings down 15% to $255m (EPS $2.04). Guidance 2010: 11% increase in sales and net earnings of $2.45-$2.50 per share.
Investing, Long Term Investment, stock market | admin March 23, 2010
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