Tiffany & Co. (TIF) PT Lowered to $102 at Cowen as Stocks Trade down Following 1Q

Cowen lowered its price target on Tiffany & Co. (NYSE: TIF) to $102.00 (from $107.00) while maintaining a Outperform rating. The company's stock is down ~-8% following the 1Q print given weaker-than-anticipated comps at -2%, below Street's +1.6%, with trends decelerating from 4Q on a 1-yr & 2-yr stack.

Analyst Oliver Chen continues to believe that the iconic nature of the Tiffany brand, an unparalleled diamond supply chain, customer trust, and a long-standing heritage can protect TIF from Amazon. Chen also believes that new executive and creative management at TIF are catalysts for change, margin enhancement, and digital restructuring.

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