Goldman Sachs analyst Lindsay Drucker Mann upgraded Tiffany (TIF) to Buy from Neutral and increased her price target on the stock to $107 from $82 as the luxury backdrop is "cyclically improving" through increased international tourist spending and "rising net worth for high-end U.S. consumers." In addition, the analyst said management changes could unlock "significant" free-cash flow through improved operations while lower diamond costs support gross margins in the near-term.

NOTABLE: Earlier this week, BofA Merrill Lynch analyst Lorraine Hutchinson said she has more confidence in the handbag and accessories company's comparable sales turn following a "strong start to the year" for global luxury retailers. Hutchinson raised Tiffany's first quarter earnings estimate to 70c from 64c per share and expects positive Q1 comps with an acceleration in the second half of 2017. The analyst rates Tiffany a Buy with a $110 price target on the shares.

PRICE ACTION: Tiffany is up 0.3% to $92.29 near noon today, though over the last month the stock is little changed.