Many things may be going Tiffany‘s (TIF) way this holiday season, writes Caris & Co. analyst Dorothy Lackner in a note this morning upgrading the stock from “Above Average” to “Buy,” with a $53 price target, up from a prior $47 target. Tiffany shares are off 32 cents, or 0.8%, this morning, at $43.57.
Lackner raised her EPS estimate to $1.98 per share this year, to matcht the high end of the company’s upwardly revised forecast offered on Wednesday, following better-than-expected Q3 results. For 2010, she raised her estimate from $2.07 to $2.25. Lackner believes the company should have easy comparables to the year-ago Q4, especially with “less ferocious discounting this year.”
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