Evercore ISI analyst Omar Saad upgraded LVMH (LVMUY) to Outperform from In Line following the company's announcement of a bid to buy Tiffany (TIF). The biggest and most sophisticated branded consumer discretionary companies are meaningfully, and he thinks sustainably, outperforming smaller independents as they leverage their scale alongside new technologies, digital capabilities, and data, which is "particularly true in luxury," Saad tells investors. He views Tiffany as "an extremely attractive asset to plug into LVMH" or perhaps another large luxury player's platform.