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Citi Upgrades Tiffany on New Management and Design Team

The luxury jewelry retailers Tiffany & Co. (NYSE:TIF) was upgraded to buy from neutral by Citibank. Citi believes that Tiffany’s new management and design teams have the required initiatives to improve same store sales. The price target was also raised from $100 a share to $110 a share. Citi also expects the market for silver jewelry to stabilize and boost margins for Tiffany.