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Jim Cramer's Mad Dash: TIF

NEW YORK ( TheStreet) -- Citigroup upgraded Tiffany & Company (TIF - Get Report) to buy from hold. TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, likes that call.

He said the jewelry retailer's management team is continuing to transform Tiffany from a "boutique" to a more broad-based business. He also noted that gross margins are improving. 

"I think Tiffany is one of those great names that you've never got hurt buying, and now I think you're going to start making a lot of money," Cramer told investors. The big question, and thus big opportunity, lies in management's ability to transform Tiffany from a "special occasion" store to an everyday store. 

Cramer elaborated, saying it would do much better if it became an "everyday place [where] women buy jewelry" instead of just a shopping center for boyfriends and husbands on birthdays and holidays. 

The company is also focused on global growth, which is another positive catalyst. "I think this stock could be $120," Cramer said. "I'm with it." 

- - Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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