Tiffany: Jefferies sees limited potential, downgrades stock
(CercleFinance.com) - Jefferies downgraded Tiffany from "buy" to "hold" on Friday, while maintaining its 110-dollar target price for the stock, as the broker sees limited potential for competing offers.
The US broker believes that LVMH will not bid materially beyond its proposed terms, and notes that Richemont and Kering would likely be more financially constrained to muster the necessary firepower to buy the company.
For the record, Tiffany has received an all-cash takeover bid of 120 dollars per share from LVMH, valuing the company at 14.5 billion dollars.
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