UPDATE: Canaccord Genuity Upgrades Tiffany & Co. (TIF) to Buy; Use Recent Dip As Entry Point

(Updated - July 2, 2012 8:16 AM EDT)

Canaccord Genuity upgraded Tiffany & Co. (NYSE: TIF) from Hold to Buy. PT $63.

Analyst, Laura Champine, said, "...the stock’s recent pullback has opened a window of opportunity into one of the best brands in luxury with significant global expansion opportunities. TIF has declined 14% since the company reduced its FY12 guidance on 5/24, versus the S&P 500 index up 3%, the RLX index up 2%, and the luxury group’s 5% decline. With shares currently trading at 14x our FY12 EPS estimate and 8x FY12E EV/EBITDA, we believe investors have priced in a worst-case scenario."

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 $52.95 yesterday.

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