Amid an improving retail picture, Goldman Sachs upgraded luxury retailers Nordstrom (JWN), Coach (COH), Saks (SKS) and Tiffany (TIF) on Monday.

At the same time, Goldman downgraded J.C. Penney (JCP) to “sell” and discounter Dollar Tree (DLTR) to “neutral” from “buy,” according to Reuters.

The Goldman note comes as the Commerce Department said Monday retail sales rose by a better-than-expected 1.4% in October. Last week a number of retailers reported quarterly results that exceeded analysts’ projections, including Abercrombie & Fitch (ANF), J.C. Penney, and Macy’s (M).

"We take a more constructive view of high-end retailers and step aside from those in the path of Wal-Mart,” Goldman wrote in a note, Reuters reported.

Goldman boosted its rating on Nordstrom to “buy” and its price target from $39 to $41, Reuters reported. The high-end department store’s stock jumped to $35 in the premarkets after closing at $33.99 on Friday.

Shares of Coach jumped ahead of the bell after Goldman slapped a “buy” rating on the company and upped its price target to $42 from $37.

On the other hand, J.C. Penney’s stock was under pressure Monday morning as Goldman urged shareholders to sell it and lowered its price target to $32 from $36. Shares of the retailer fell to $30.62 after closing at $31.21 last week.