Tiffany Upgraded To Buy From Neutral At Monness Crespi Hardt

Tiffany & Co. shares were upgraded to buy from neutral at Monness Crespi Hardt on Monday with analysts predicting that the slump in unit volumes that weighed on recent quarters will be reversed. "This is an extremely well managed company with a worldwide recognized name, and should always sell at a premium multiple over time," analysts wrote in a note. Tiffany stock is trading at its 2011 levels, even though it has expanded to more than 300 retail units from 247 in the time frame, leading to a similar expansion in square footage, said the note. "Store closings have been minimal over the years because of the excellent internal real estate capability," it said. Shares were not yet active in premarket trade but are down about 19% in the year so far, while the S&P 500 has gained 0.4%.