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Steve Mandel of Lone Pine Capital Goes Shopping for More Tiffany’s

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Steve Mandel, manager of Lone Pine Capital, just boosted his stake in the legendary high-end retailer; he now owns 5.2% of the company with a 6.85 million shares. This was a dramatic increase of 2. 61 million shares since the last quarter. Shares of the company rose 7% after hours.

Deloitte Touche forecasted a potential rise in holiday sales for Tiffany of as much as 4.5%, as reported by Seekingalpha. This is a dramatic increase above last year’s 2.8% uptick in seasonal sales. Online sales are expected to rise by as much as 14%. This is true for retail across the board, but Valuentum sees the high-end retail sector as especially resilient. In late August, Tiffany reported an 11 cent earnings beat with revenues that rose 7.2% year over year. Credit Suisse raised its price target for Tiffany following its strong earnings up to $112.

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