UPDATE: Jefferies Initiates Coverage on Tumi Holdings

According to a research report published this morning, Jefferies has initiated Tumi Holdings

with a Buy rating and $30 PT. In the report, Jefferies said, "We like Tumi's luxury brand positioning, early stage growth profile and significant global expansion opportunity. We view the current risk/reward as favorable and initiate coverage with a Buy rating and $30 12-month price target. Jefferies acted as co-manager in TUMI's April IPO." Tumi Holdings closed Friday at $21.17.