Tiffany´s led way to recoveryWednesday, 23 March 2011
As a good sample of how luxury niche is slowly recovering from the Japanese tragedy, Goldman Sachs raised its price target on Tiffany to $58 but maintains a sell due to lower Japan sales. The announcement took place one day after the company announced sales could disappoint this quarter due to lower Japan sales. With the higher price target, Goldman Sachs raised its EPS estimates but maintained its sell rating. Thanks to this show of confidence, the luxury jewelry stocks were trading up yesterday, gaining 4.87% during the evening hours.
As opposite to Tiffany´s, Ross Stores was well down to the bottom of the FU Top 100 Index. Shares of Ross Stores saw unusually high trading volume on Monday. Separately, analysts at RBC Capital (NYSE: RY) raised their price target on shares of Ross Stores, Inc. from $64.00 to $68.00 in a research note to investors on Friday. They now have a “sector perform” rating on the stock. Also, analysts at Avondale Partners raised their price target on shares of Ross Stores, Inc. from $72.00 to $78.00 in a research note to investors on Monday, February 7th. They now have an “outperform” rating on the stocks, which lost by 1.45% on Tuesday.
To set an end to Tuesday´s session, G-III Apparel Group was scheduled to release quarterly report at the close of Wall Street. According to Fidelity, net institutional shares purchased during current quarter at 543.1K vs. 202.7K net shares purchased during previous quarter (167.93% increase).