NEW YORK (TheStreet) -- Shares of Tumi Holdings (TUMI) are declining, lower by 0.83% to $22.69 in early market trading Wednesday, after the travel luggage maker had its rating lowered to "neutral" from "buy" by analysts at Goldman Sachs this morning.
The firm downgraded shares, citing a lack of upside to its six month price target of $24.
Goldman Sachs analysts said they continue to believe Tumi is a "compelling growth opportunity" in the travel accessories space.
South Plainfield, NJ-based Tumi makes a range of travel and business products and accessories in various categories for professionals, travelers and individuals.
The company distributes its products worldwide in over 70 countries through approximately 1,600 points of distribution.
Separately, TheStreet Ratings team rates TUMI HOLDINGS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TUMI HOLDINGS INC (TUMI) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, good cash flow from operations, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."