Attention, luxury shoppers: the fortunes of two luxury brands are shifting, says Goldman Sachs.
Goldman analyst Adrianne Shapira upgraded Tiffany (TIF) to Buy from Neutral today. She’s concerned about the company’s near-term earnings results, and lowered her 2012 estimates below consensus expectations. But for investors willing to wait,� “Tiffany�s long-term brand franchise remains rock solid.”
Tiffany shares rose 4.6%
Saks (SKS), on the other hand, is “a cyclical retailer bound by the macro-environment.” She downgraded shares to Sell from Neutral.
“We believe consensus estimates have yet to reflect a tougher macro backdrop and now expect slowing top-line growth coupled with margin contraction to cause downward EPS revisions and multiple compression.”
Saks shares fell 2.6%.
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