Goldman Sachs upgraded its rating of Tiffany & Co. to "neutral" from "sell," citing a rebound in the Japanese market and the retailer's success in passing along higher commodity prices to consumers.
The luxury goods seller had been on Goldman Sachs' sell list since Sept. 23, 2010, according to a report released on Thursday. During the past 12 months, the company's stock rose 72.9 percent—outperforming the S&P 500's 12.5 percent increase during the same time period.
The investment bank said its negative view on Tiffany failed to materialize due to three factors:
In the report, Goldman also raised its 12-month price target for Tiffany to $77 from $68.
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