NEW YORK (TheStreet) --Shares of Tiffany (TIF) were moving higher in early afternoon trading on Friday, after an upgrade to "outperform" from "market perform" with a $90 price target at Cowen today.

"Luxury is coming back and TIF is a well-positioned, trusted brand," the firm said in a note.

"The run is not just getting started, the stock just bottomed out several months ago at $58; now it's at $80," Lebenthal Asset Management CEO Jim Lebenthal noted on CNBC's "Fast Money Halftime Report" today.

"In the long-run, he's going to be right, but in the short-term, this thing has gone too far too fast," he added. The stock now carries a multiple above 20, Lebenthal added, noting the company's stagnate growth.

"Frankly, overseas in particular where they get a lot of sales, growth is not strong enough to support this," he said.

Separately, 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. TheStreet Ratings has this to say about the recommendation:

The team rates Tiffany & Co. as a Hold with a ratings score of C+. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either positive or negative performance for this stock relative to most other stocks.

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