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Tiffany: Bernstein downgrades to 'market perform'

( - Sanford C.
Bernstein has downgraded Tiffany to "market perform", while maintaining its target price unchanged at 120 dollars, after LVMH made an offer at 120 dollars per share for the US luxury jeweler.

Contrary to several analysts, Bernstein does not believe that LVMH is likely to chase after Tiffany with a much higher offer.

"We believe LVMH may at most sweeten its 120-dollar bid only a very little bit, possibly to a max of 130 dollars", it said.

Bernstein also noted that with Tiffany, LVMH embarks on a more difficult and bigger challenge as the New York-based company needs further capex to expand and upgrade its stores.

The broker therefore encourages investors to make the most of the current benign market reaction, saying that selling at the current level is a reasonable risk/reward proposition.

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