UPDATE: Oppenheimer Raising Its Price Target On Tiffany's

Oppenheimer & Co. is out with a research report on Tiffany's TIF and is raising its price target to $100 from $80. It has an Outperform rating on shares. In a note to clients, Oppenheimer & Co. writes, "We have for some time recommended Tiffany as one of the most attractive investment opportunities amongst leading retail stocks. The pace of sales and earnings recovery at TIF over the past several quarters has dazzled even the most optimistic "consumer bulls." We think TIF senior management deserves significant credit for utilizing the recent economic downturn as an opportunity to enhance its operating model and the power of its global brand. Recovery appears solidly in place at TIF. We believe that the market will increasingly value TIF shares upon the company's superior longer-term growth prospects and improving return profile. Our new $100 target price (up from $80) suggests upside potential of more than 20%." Shares of TIF are up $1.51 in pre-market trading to $82.98.