Tiffany & Co. shares were downgraded to neutral from buy at Mizuho Monday, after the company surprised investors with the news that Chief Executive Frederic Cumenal was stepping down with immediate effect. Mizuho lowered earnings estimates and cut its stock price target to $74 from $90. "While we still consider TIF as a foremost luxury brand with multiple longterm drivers, we are concerned with multiple executive changes LTM," analysts wrote in a note. "While seasoned veteran Chairman Michael Kowalski will assume the interim CEO position, TIF faces several near-term headwinds ranging from macro volatility in APAC and Europe, lack of visibility in the U.S. business, and diminishing commodity price benefits." Shares were down about 3% in early trade, but have gained 22% in the last 12 months, matching the S&P 500's gain.
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