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http://www.businessweek.com/investor/content/may2005/pi20050513_4637_pi010.htm

Tiffany & Co. (TIF ): Maintains 3 STARS (hold)
Analyst: Jason Asaeda

Tiffany & Co. posted April-quarter earnings per share of 27 cents, vs. 25 cents, 2 cemts ahead of our estimate. While gross margins were pressured by high product costs, expenses were leveraged on strong 11.6% sales gain driven by 14% growth in U.S. retail sales. We are increasing our fiscal 2006 (ending January) earnings per share estimate by 2 cents to $1.52, as we see select price increases, improving merchandise margins and Tiffany & Co.'s solid U.S. operations offering downside protection against potential weakness in Japan. We are raising our 12-month target price by $1 to $32, based on updated relative and discounted-cash-flow analyses.
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