Oppenheimer upgrades Tiffany (TIF +2.2%) to an Outperform rating from Perform on a favorable view of the near-term risk vs. reward trade-off.
While the firm still sees a strong U.S. dollar as a drag on Tiffany's sales to tourists, new initiatives are expected to pay off over the longer term.
Oppenheimer lifts its price target to $152 from $145.
Now read: Tiffany & Co.: Aiming For Large Gains »
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