UPDATE: Credit Suisse Initiates Neutral, PT of $23 on Tumi Holdings; Compelling Growth Prospects

Credit Suisse initiates its coverage on Tumi Holdings

with a Neutral rating and a price target of $23 on compelling growth prospects across geographies, channels and product lines. Credit Suisse comments, "We are compelled by Tumi's market share gain potential in the global luggage and accessories market, as Tumi is underpenetrated across channels, regions, and product lines. We expect sustained high-teens to low-20s earnings growth over the next five years. Given an elevated multiple premium following the IPO (28 times our FY13 EPS estimate of $0.75), we see the risk/reward profile as well balanced." TUMI closed at $21.17 on Friday.