Merriman Comments On Tiffany & Co.'s Stellar 2Q

Merriman Capital has published a research report on Tiffany & Co. (NYSE: TIF) after the company reported Stellar F2Q11 earnings results beating consensus estimates.

In the report, Merriman Capital writes, "The strong results were driven by strength across all regions and categories, and were helped by very healthy demand by foreign tourists. We are increasing our estimates for FY11 reflecting higher growth in 3Q and increasing our FY12 EPS estimate. Following the run-up in TIF shares post 2Q results; we are maintaining our Neutral rating. TIF is trading at 15.7x our FY12 EPS estimate and we expect shares to remain volatile and therefore wait for better visibility and better entry point."

Merriman Capital maintains its Neutral rating on Tiffany & Co., which closed Friday at $69.01.