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Shares of Tiffany & Co. (TIF - Analyst Report) gained momentum following the company’s impressive third-quarter fiscal 2013 performance and hit a new 52-week high of $91.10 on Dec 16, before closing at $90.85. Shares of this Zacks Rank #2 (Buy) stock have amassed a year-to-date return of roughly 56.2%.

Based on the current price, this department store retailer is 2.3% above the Zacks Consensus average analyst price target of $88.77. The company currently trades at a forward P/E of 23.98x, a premium of 2.5% to the peer group average of 23.39x. Additionally, the company’s long-term estimated EPS growth rate is 13.5%.

With four successive quarters of better-than-expected bottom-line results, it seems Tiffany has positioned itself favorably. The company’s fiscal 2013 earnings guidance is also encouraging. With the economy showing signs of recovery, we expect Tiffany’s robust performance to continue going forward.

Tiffany continued its positive earnings streak by beating the Zacks Consensus Estimate in the trailing four quarters. The company posted a positive earnings surprise of 25.9% in the third quarter, 12.2% in the second quarter, 32.1% in the first quarter of fiscal 2013, and 2.2% in the fourth quarter of fiscal 2012.

The company’s global net sales grew 7% in the third quarter, following 4% rise in the second quarter, and 9% in the first quarter of fiscal 2013. Also, sales grew 4% in the fourth quarter of fiscal 2012.

Given the better-than-expected third-quarter results, Tiffany raised its fiscal 2013 guidance. The company now projects fiscal 2013 earnings between $3.65 and $3.75 per share, up from the previous forecast of $3.50 to $3.60. Tiffany now expects total net sales growth in mid-single digits for fiscal 2013. In constant currencies, total net sales are projected to increase in the high single digits.

We believe Tiffany is well poised to support sales and earnings growth in the long run by leveraging capital investments made over the past several years in distribution, manufacturing and diamond sourcing processes. The company’s long-term growth prospects remain encouraging given its new product launches and focus on enhancing its geographic reach through store expansion program. It remains committed to achieve long-term objectives of at least 15% earnings growth and a 10% to 12% sales increase.

Apart from Macy’s, other stocks such as ManpowerGroup Inc. (MAN - Analyst Report), General Motors (GM - Analyst Report) and Martha Stewart Living Omnimedia Inc. (MSO - Snapshot Report) achieved new 52-week highs of $83.99, $41.55 and $4.02, respectively, yesterday.

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