UPDATE: Goldman Sachs Initiates Tumi Holdings at Buy on Secular Strength

Goldman Sachs initiated coverage on Tumi Holdings

with a Buy rating (Conviction List) and a $30 price target. Goldman Sachs commented, "TUMI sits at the intersection of a number of positive investment themes. First, it is a beneficiary of favorable product cycles in both accessories and men's categories. Second, it is executing a powerful distribution upgrade as it builds out owned-retail stores in North America. Third, product and in-store execution has been solid. Finally, TUMI is uniquely exposed in our coverage to international growth opportunities over the long term." Tumi Holdings closed at $21.70 on Monday.