Tiffany sees opening 13 stores, closing 4 in FY14 Says yen negatively affected Q4 sales. Says can no longer quantify total foreign tourists sales in the Americas region because of the legal restrictions on data collection in some U.S. states. Says still projects foreign tourist spending to be meaningful to sales. Says spending will increase this year and next. Expects to open 13 stores in FY14 and close 4. Comments made during the company's Q4 earnings conference call
Coach upgraded to Overweight from Equal Weight at Barclays Barclays analyst Joan Payson upgraded Coach to Overweight citing greater confidence in the designer's ability to grow domestic store comps with its turnaround "well underway." She expects Coach's competitive pressures to ease and raised her price target for shares to $50 from $38. The maker of handbags closed yesterday down 28c to $41.76. Payson also lowered her price target for shares of Michael Kors (KORS) to $60 from $70 and keeps an Equal Weight rating on the name. She believes Kors may soon be in need of transformation. The analyst keeps an Equal Weight rating on Tiffany (TIF), calling the company a "work in progress."