NEW YORK (AP) — An analyst downgraded Tiffany & Co. on Friday, saying the jewelry company's stock price is currently too high.
Laura Champine of Canaccord Genuity said in a client note that Tiffany's stock price has climbed 16 percent since Jan. 10, when it reported disappointing holiday sales. The company has also missed earnings per share expectations for four straight quarter, she noted.
"There is no fundamental catalyst to credit for this move," Champine wrote.
The analyst said she feels that sales momentum will continue to slow at Tiffany this year, with recent tax hikes adding pressure to luxury shoppers.
She lowered the New York company's rating to "Sell" from "Hold" and cuts its price target to $52 from $58.
Its shares fell 69 cents to $70.19 in premarket trading Friday.