Tiffany's announcement that sales during the crucial holiday period were unchanged from last year sent the stock lower on Thursday, but one analyst said the stock has bottomed and that it could be "poised to bounce pretty nicely."
The luxury jeweler reported flat same-store sales during November and December and said fiscal-year earnings will be towards the low end of its prior range of $3.20 to $3.40 per share, compared to Street estimates of $3.26 a share.
The lackluster numbers are especially crucial because the holiday period can account for nearly half of the jewelers' profit and one-third of annual sales.
Despite the disappointing update, Brian Nagel, a senior analyst at Oppenheimer, told CNBC's "Squawk on the Street" that he has an "outperform" rating and a $75 price target on the company's shares.