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Tiffany shares will rise as the company benefits from strong demand in China, according to Credit Suisse.
The firm reiterated its outperform rating for the retailer's shares, predicting the company will report sales above expectations for its second quarter.
China sales represent approximately 15 percent of Tiffany's revenue, analyst Michael Binetti said Friday in a note titled "Don't Let a Little Macro Noise Distract from a Major Turnaround Opportunity." Tiffany is also renovating its stores, which could also provide a boost to sales.
"Tiffany & luxury peers have underperformed lately amid market fears of a slowdown in Chinese demand," he wrote in the note. "That said, recent luxury reads (LVMH, Kering, Prada, Burberry) indicate Chinese demand remained robust in 2Q."
Binetti said Tiffany could drive faster same-store sales and higher margins versus historical averages. "Coupled with favorable valuation … we see multiple sources of upside from here."