NEW YORK (TheStreet) -- One of the leaders in the S&P 500 rally today is the consumer discretionary, where stocks such as Tiffany & Co. (TIF - Get Report) are high performers, Ariel Investments Vice Chairman Charlie Bobrinskoy said on CNBC's "Power Lunch" Monday.

The S&P rose by 0.6% to an intraday record of 2,142.30 earlier today, topping its previous record of 2,134.72 reached last May. The S&P is currently advancing by 0.54% to 2,141.31 late this afternoon.

"You do have to be careful of overgeneralizing. We would overgeneralize and say all consumer staple stocks are expensive as people have rushed looking for safety," Bobrinskoy noted.

However, many consumer discretionary names are "considered economically sensitive," meaning people who are concerned about a weak economy have pushed the price of some "very high quality" company stocks down, he explained.

"So I wouldn't broadly buy every consumer discretionary name but there are pockets of real value," Bobrinskoy commented.

One "pocket" includes Tiffany which is trading at 18 times trailing, 16 times forward, according to Bobrinskoy.

"People hate it because of the strong dollar, and that's a temporary problem. Tourism is probably going to be down in New York but longer term Tiffany is just one of the greatest businesses there is," he argued.

The retail and jeweler giant's gross margins are higher than 50%, operating margins are up by more than 20% and "you're not going to replace Tiffany with the Internet," Bobrinskoy stated.

Shares of Tiffany are climbing by 1.27% to $62.13 late this afternoon.

Separately, TheStreet Ratings rated Tiffany & Co. as a "hold" with a score of C+.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including deteriorating net income, weak operating cash flow and disappointing return on equity.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: TIF