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TIF

Tiffany

$83.04

4.9001 (6.27%)

, NILE

Taken private

$40.33

0.04 (0.10%)

10:12
11/29/16
11/29
10:12
11/29/16
10:12

Tiffany's sales top estimates, but holds off calling 'inflection'

Shares of Tiffany & Co. (TIF) climbed in morning trading after the company's third quarter results exceeded analysts' expectations, though the luxury jeweler said it needs to see more positive data before considering the quarter "an inflection point." EARNINGS: Tiffany reported Q3 earnings per share of 76c on revenue of $949M, beating analysts' estimates of 68c and $926.64M, respectively, with quarterly same-stores sales dropping 2%. Excluding foreign currency, Tiffany said worldwide net sales were flat with the prior year and SSS fell 3%. The company noted a "modest" increase in fashion jewelry sales in Q3, though this was offset by softness in other product categories. Additionally, the jeweler noted a "smaller sales decline" in the U.S. from a year ago. In the Americas, Tiffany's sales fell 2%, but total sales in Japan increased 13%. Looking ahead, Tiffany maintained its outlook for fiscal 2016, including a mid-single digit percentage decline in EPS from 2015 and worldwide net sales down in the low single digits vs. last year. WHAT'S NOTABLE: Tiffany said in its earnings release that there has been "some adverse effect" on traffic at its flagship store in New York following the U.S. presidential election and noted "sales softness" compared with a year ago and to the company's others U.S. stores. Tiffany noted that the New York store represented under 10% of worldwide net sales for the quarter, but said it "cannot provide any assurance that sales in that store will not be negatively affected by this activity in the fourth quarter or in any future period." Tiffany CEO Frederic Cumenal commented on its associated call that the company is "understandably cautious how this situation might impact sales" over the coming weeks. Cumenal added that while the company is "encouraged" by some early signs of improvement in overall sales trends, it is "premature" to say there has been a "meaningful" turn in the business. ANALYST COMMENTARY: Last week, Cowen analyst Oliver Chen said traffic at Tiffany's New York flagship store, which has an entrance next to Trump Tower's, could be cut in half. Wells Fargo analyst Ike Boruchow also noted that Trump's election "may cause an unforeseen headwind to the business" in Q4. At the same time, Jefferies analyst Randal Konik said last week that after spending three days monitoring Tiffany's 5th Avenue store, traffic "was robust, not weak," noting that "high" police activity did not inhibit entrance to the store. Following Tiffany's earnings report, Citi analyst Paul Lejuez said he is "concerned" about the company's ability to connect with the millennial customer in the U.S. and believes the strengthening of the dollar could be a headwind in Q4 and fiscal 2017. PEERS IN THE NEWS: Other publicly traded retailers of fine jewelry include Blue Nile (NILE) and Signet Jewelers (SIG). Earlier this month, Blue Nile announced plans to be acquired by private equity firm Bain capital and Bow Street for $500M. Separately, Blue Nile said U.S. engagement net sales for the quarter fell 8.5% to $59.5M, while U.S. non-engagement net sales increased 1.2% to $25.3M. Meanwhile, Signet Jewelers last week posted better-than-expected profit in its latest quarter, and gave an upbeat forecast for the current quarter. PRICE ACTION: Shares of Tiffany & Co. gained about 6% in morning trading to $83. Blue Nile and Signet are also higher this morning.

TIF

Tiffany

$83.04

4.9001 (6.27%)

NILE

Taken private

$40.33

0.04 (0.10%)

SIG

Signet Jewelers

$92.49

0.25 (0.27%)

  • 29

    Nov

TIF Tiffany
$83.04

4.9001 (6.27%)

11/29/16
SBSH
11/29/16
NO CHANGE
Target $79
SBSH
Neutral
Citi keeps Neutral on Tiffany despite improvements in Q3
Citi analyst Paul Lejuez says that while Tiffany's Q3 results showed signs of improvement, he remains concerned over the company's ability to connect with the millennial customer in the U.S. He also believes the recent strengthening of the U.S. dollar could act as a headwind to Q4 and FY17. Lejuez expects Tiffany shares to trade higher today but he keeps a Neutral rating on the name with a $79 price target.
11/23/16
OPCO
11/23/16
NO CHANGE
Target $87
OPCO
Outperform
Tiffany price target raised to $87 from $80 at Oppenheimer
Oppenheimer analyst Brian Nagel raised his price target for Tiffany to $87 from $80 ahead of results. While the analyst is concerned that a still challenged sales backdrop and higher expenses could weigh on results, longer term he is increasingly optimistic that internal merchandising and marketing efforts have the potential to fuel improved results, particularly as macro pressures potentially subside. Nagel reiterates an Outperform rating on the shares.
11/17/16
JEFF
11/17/16
NO CHANGE
Target $100
JEFF
Buy
Jefferies sees 'robust' traffic at Tiffany flagship store amid Trump protests
After spending three days monitoring Tiffany's 5th Avenue flagship store in Manhattan to gauge traffic patterns and any Trump Tower protest related issues, Jefferies analyst Randal Konik concluded the store's traffic "was robust, not weak." Street police activity was high but didn't inhibit entrance to the store, Konik tells investors in a research note titled "5th Ave Flagship Store Checks Over Three Days Show 'Huuuuge' Strength." He believes investors are concerned that protests surrounding Trump Tower and high security will disrupt Tiffany's 5th Avenue store business. Konik keeps a Buy rating on Tiffany with a $100 price target.
11/14/16
JEFF
11/14/16
NO CHANGE
Target $100
JEFF
Buy
Tiffany price target raised to $100 from $85 at Jefferies
Jefferies analyst Randal Konik raised his price target for Tiffany to $100 saying the company has a strong positioning in a growing market. Fashion jewelry fundamentals are improving while tourism headwinds are abating, Konik tells investors in a research note. The analyst reiterates a Buy rating on the shares.
NILE Taken private
$40.33

0.04 (0.10%)

06/10/16
WBLR
06/10/16
INITIATION
WBLR
Market Perform
Blue Nile initiated with a Market Perform at William Blair
William Blair analyst Ryan Domyancic started Blue Nile with a Market Perform rating. The analyst believes revenue growth needs to show sustainable reacceleration in order for shares to rally.
02/12/16
SPHN
02/12/16
NO CHANGE
Target $28
SPHN
Overweight
Blue Nile expectations dramatically lower after selloff, says Stephens
Stephens analyst Rick Patel said Blue Nile's pricing infrastructure becomes a detriment when diamond prices fall too steeply, as seen in its Q4 results, but also enables it to capture market share when prices are soft. Patel lowered his price target on the stock to $28 from $40, but keeps an Overweight rating on shares following yesterday's post-earnings slide, saying that expectations are now dramatically lower, there are early signs that diamond prices may be stabilizing and that the company's new guidance appears achievable.
02/11/16
BOFA
02/11/16
DOWNGRADE
Target $21
BOFA
Blue Nile downgraded to Underperform from Buy at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst Paul Bieber downgraded Blue Nile two notches, to Underperform from Buy, and cut his price target on the stock to $21 from $42 after the company's earnings report, citing diamond price volatility leading to lower average selling prices, the softness in the high-end market, and the potential tax implications of its plans to open physical locations.
12/08/15
12/08/15
INITIATION

Sector Weight
Blue Nile initiated with a Sector Weight at Pacific Crest
Pacific Crest analysts started Blue Nile with a Sector Weight rating.
SIG Signet Jewelers
$92.49

0.25 (0.27%)

09/13/16
09/13/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Underperform from Neutral at Macquarie with analyst Tim Nollen saying market penetration could be limited given new streaming video on demand competitors and local operator's streaming efforts. 2. Intuit (INTU) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Keith Weiss citing full valuation. 3. Applied Genetic (AGTC) downgraded to Market Perform from Outperform at Wells Fargo, to Sell from Buy at Janney Capital, to Hold from Buy at Cantor, and to Neutral from Buy at Roth Capital. 4. Signet Jewelers (SIG) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he believes shares will be range bound despite the stock's cheap valuation. 5. Red Robin (RRGB) downgraded to Underperform from Buy at BofA/Merrill with the firm citing the difficult casual dining environment, lack of near-term catalysts, and risk to third quarter earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/28/16
LYON
09/28/16
INITIATION
LYON
Outperform
Signet Jewelers initiated with an Outperform at CLSA
CLSA analyst Rick Patel initiated Signet Jewelers with an Outperform rating and a $87 price target.
11/18/16
WELS
11/18/16
NO CHANGE
WELS
Outperform
Signet Jewelers removed from Priority Stock List at Wells Fargo
Wells Fargo analyst Ike Boruchow removed Signet Jewelers from his Priority Stock List saying his Q3 store work indicated "ongoing choppiness" in traffic trends and elevated levels of promotion. The analyst, however, still believes the company is well-positioned in the industry over the longer-term. He lowered his Q4 earnings estimate to $3.82 from $4.09 but keeps an Outperform rating on Signet with a $100-$105 price target range. Boruchow believes the stock's risk/reward remains favorable.
11/18/16
WELS
11/18/16
NO CHANGE
WELS
Signet Jewelers removed from Priority Stock List at Wells Fargo
Wells Fargo removed Signet from its Priority Stock List after conducting checks. The company's traffic appears to be characterized by "chopiness" and "elevated" promotions, while its Q4 compares are "tougher," according to the firm. However, it keeps an Outperform rating on the shares.

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