TIF’s Stock Becomes Attractive On Pullback

Analyst Evren Kopelman of Wells Fargo Securities maintains his "outperform" rating on Tiffany & Co (NYSE: TIF), while raising his estimates for the company.

According to Wells Fargo Securities, Tiffany & Co’s stock has underperformed the market over the past three weeks despite strong holiday sales. Recent insider selling is likely to have exerted pressure on the stock. “We do not view the insider sales as a reflection of TIF's fundamentals,” the analyst adds.

“TIF’s holiday results were strong (comps were up 12% in the U.S. and up 8% worldwide) and the board decided to resume share repurchases (announced on Jan 21st), earlier than we were expecting (repurchases were suspended in Q3:08),” the analyst mentions. Wells Fargo Securities has raised its EPS estimates for 2009 and 2010 from $1.98 to $2.12 and from $2.22 to $2.38, respectively.

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