Goldman upgrades Tiffany on resurgence in luxury

Tiffany & Co. was upgraded to buy from neutral at Goldman Sachs based on the company's exposure to a resurgence in luxury retail. Goldman analysts say the luxury boost is from increases in tourist spending and a "firming" high-end shopper in the U.S., driven by higher consumer net worth and equity market values. "This momentum is evident in a healthy first-quarter acceleration in sales growth reported by luxury peers, which has historically been a good coincident indicator for Tiffany comp...