Jewelry retailer Tiffany & Co. (TIF) on Wednesday caught some bullish commentary from analysts at Oppenheimer & Co.

The firm maintained its “Outperform” rating on TIF and lifted its price target to $83. That new target suggests a 19% upside to the stock’s Tuesday closing price of $69.78. Oppenheimer also boosted its earnings estimates for the company, noting it expects a second half recovery in 2012.

Tiffany shares fell 72 cents, or -1%, in premarket trading Wednesday.

The Bottom Line
Shares of Tiffany (TIF) have a 1.71% dividend yield, based on last night’s closing stock price of $67.98. The stock has technical support in the $63-$65 price area. If the shares can firm up, we see overhead resistance around the $73-$75 price levels.

Tiffany & Co. (TIF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.