Tiffany's Stock Heads For Record Rally

Tiffany & Co.'s stock is soaring $10.02, or 11.72%, to $95.55 in morning trade, putting it on track to produce the biggest price gain in its 28-year history. Volume of 4.1 million shares as of 11:30 a.m. Eastern was already more than triple the full-day average, according to FactSet. Analyst Jason Smith at Cantor Fitzgerald maintained his hold rating on the stock, but raised his price target to $97 from $86, saying he is "warming up" to the company after it handily beat profit expectations. He believes the Tiffany T collection is helping drive the company's brand elevation strategy, and helped produce a surprise increase in gross margin, and that watches could become a meaningful driver of sales over time. The stock's previous biggest one-day price gain was the $8.07 surge on May 21, 2014, according to FactSet data, while the percentage gain would rank as the 16st biggest. The stock started trading publicly on May 5, 1987.