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RAPAPORT... Tiffany & Co. will announce its fourth-quarter and fiscal-year results on March 22, but rating analysts are issuing mixed views of the high-end jeweler's share performance. As Rapaport News reported yesterday, in the weekly Tradewire, shares in Tiffany were given a boost this week when the Qatar Investment Authority, Tiffany's largest shareholder, increased its stake to 11.27 percent. Tiffany's shares are only up 1.4 percent year on year at around $70 today, but the price is up nearly 20 percent just since January 2. In a note to clients, Laura Champine of Canaccord Genuity wrote that Tiffany's shares are trading too high, it has missed earnings for four straight quarters and sales momentum will continue to slow given recent tax hikes adding pressure to U.S. consumer spending. Canaccord lowered its rating to ''sell'' from ''hold''' and cut Tiffany's price target to $52 from $58. But TheStreetRatings reaffirmed a ''buy'' rating for Tiffany, citing strength in revenue growth, steady cash flow and rising margins. ''We feel these strengths outweigh the fact that the company has had subpar growth in net income,'' according to their research note. In February, Sterne Agee initiated coverage of Tiffany with a ''neutral'' rating and a $68 per share target, but Monness Crespi & Hardt downgraded Tiffany from ''buy'' to ''neutral.''
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