UPDATE: Canaccord Genuity Upgrades Tiffany to Buy on Recent Pullback Opportunity

Canaccord Genuity raises its rating on Tiffany

from Hold to Buy and maintains its price target at $63. Canaccord Genuity notes, "We are upgrading shares of TIF from Hold to BUY, as 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 worstcase scenario." TIF closed at $52.95 on Friday.