Updating estimates and rolling forward PT
We are updating our estimates after Tiffany's Holiday sales and earnings guidance update. We are putting through guidance for FY17 EPS growth of high-single-digits, and also adjusting FY18 guidance to match preliminary guidance of earnings flat to slightly down YoY. We are not adjusting for the impact of tax reform yet. We are also rolling forward our price target, resulting in our new PT being $96.Tiffany & Co. is a holding company that operates through its principal subsidiary, Tiffany and Company. Through its subsidiaries, the company designs and manufactures products and operates TIFFANY & CO. retail stores worldwide, and also sells its products through Internet, catalog, business-to-business and wholesale distribution. The company's principal product category is jewelry. The company provides a selection of TIFFANY & CO. brand jewelry at a range of prices. The company also sells watches, home and accessories products and fragrances. The company has four reportable segments: (i) Americas, (ii) Asia-Pacific, (iii) Japan and (iv) Europe.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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