Tiffany & Co. Seeing Strength On Takeover Rumor

Tiffany & Co. (NYSE: TIF) shares are up nearly 2% this morning on rumors that Cartier owner Richemont is interested in buying Tiffany & Co.

At last check, shares of Tiffany were trading at $73.58, a gain of 85 cents or 1.17% this morning.

At the Ira Sohn conference a couple of weeks ago, Peter May said that he thought Tiffany was worth $100, and could see additional upside from a number of metrics.

Caterier is famous for its watches, and Tiffany's is currently working on expanding its watch business, having entered into a joint venture with Swatch, so this rumor may have some legs to it. Tiffany's is synonymous with prestige in the jewelery space, and Cartier is synonymous with prestige in watches.