UPDATE: Credit Suisse Initiates Coverage on Tiffany & Co. with Outperform Rating, $89 PT on Multiple Positive Factors

In a report published Friday, Credit Suisse analyst Christian Buss initiated coverage on

with an Outperform rating and $89.00 price target. In the report, Credit Suisse noted, “We consider Tiffany a leading brand in the global jewelry space, with ample opportunity to grow revenue at a high-single-digit rate and earnings in the low teens over the next five years. Increasing focus on higher-end product lines seems appropriate given TIF's historical over-reliance on brand-dilutive, high-margin fashion jewelry. Margin expansion opportunities with improving raw materials prices and a mix shift to higher-margin regions of the world add compelling upside opportunities to the consensus over the next 24 months.” Tiffany & Co. closed on Thursday at $78.18.