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Tiffany (TIF ) : Cuts to 3 STARS (hold) from 4 STARS (buy)
Analyst: Jason Asaeda

October quarter operating earnings per share of 18 cents vs. 14 cents beats our 16 cents estimate. Tiffany maintained positive U.S. sales momentum and gross margins widened on a favorable mix shift and lower product costs. Sales of diamond jewelry priced from $3K to $20K and over $50K were particularly strong. Operations in Japan also showed signs of a turnaround. We view Tiffany as well positioned for holiday selling and are lifting our fiscal year 2006 (ending January) operating earnings per share estimate by 2 cents to $1.67. But with shares approaching our 12-month target price of $43, we would not add to positions.
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