UPDATE: Sterne Agee Upgrades Tiffany & Co. to Buy, Reiterates $86 PT on Compelling Entry Point from Recent Pullback

In a report published Thursday, Sterne Agee analyst Ike Boruchow upgraded the rating on

from Neutral to Buy, and reiterated the $86.00 price target. In the report, Sterne Agee noted, “We are upgrading TIF to Buy. The company has a highly visible margin recapture opportunity over the next 18-24 months, a rapidly growing international platform (50% of sales comping HSD) and a US business that, while lagging the past 18 months, has recently made a number of key hires and implemented several new product initiatives that should lead to improving performance over the medium-term. The recent pullback has created a compelling entry point, and we see several ways to win from here.” Tiffany & Co. closed on Wednesday at $73.91.