Tiffany & Co.  (TIF - Get Report) shares were upgraded to "buy" from "hold" by analysts at Goldman Sachs Friday who are bullish on the luxury retail sector. 

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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