Goldman pins the rise in luxury spending on increased tourist spending and higher consumer net worth and equity market values.
"This momentum is evident in a healthy first-quarter acceleration in sales growth reported by luxury peers, which has historically been a good coincident indicator for Tiffany comp sales," Goldman analyst Lindsay Drucker Mann wrote.
The firm is also bullish on the firm's new leadership, which includes three new board members and a yet-to-be-named new CEO.
Tiffany closed trading up 0.51% to $92.49 on Friday
Editor's note: story has been updated since 9:10 am EST
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