Goldman Sachs Upgrades Tiffany & Co. (TIF) to Buy, Sees 32% Upside

Goldman Sachs upgraded Tiffany & Co. (NYSE: TIF) from Neutral to Buy with a price target of $70.00 (from $64.00), suggesting 32% upside.

The firm comments, "while the near-term outlook might be shaky, Tiffany’s long-term brand franchise remains rock solid, in our view.... Since we continue to believe Tiffany commands $5.00 in EPS power, we are willing to withstand near-term volatility given today’s more compelling risk/reward."

Goldman updated FY12/FY13/FY14 EPS estimates to $3.50/$4.10/$4.75.

For an analyst ratings summary and ratings history on Tiffany & Co. click here. For more ratings news on Tiffany & Co. click here.

Shares of Tiffany & Co. closed at $52.87 yesterday.

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