NEW YORK (TheStreet) -- Tiffany & Co (TIF) shares are rocketing up 8.9% to $96.05 in pre-market trading on Thursday after having its price target raised to $115 by analysts at Topeka.
The increase follows the release international jewelry company's first quarter earnings results in which it beat analysts earnings estimates by 19 cents for the quarter, earning 97 cents per diluted share. Sales were also up 13% over the same quarter the previous year.
Tiffany experienced a similar rise in trading yesterday, gaining nine points in trading after releasing its earnings report before the opening bell.
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TheStreet Ratings team rates TIFFANY & CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TIFFANY & CO (TIF) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."