Goldman Sachs analyst Alexandra Walvis lowered her price target for Tiffany to $136 from $158 after the company posted a modest Q3 miss, largely driven by lighter comparable sales from lower tourist spend and higher SG&A as it invests for growth. While the analyst acknowledges tourism could remain a headwind in the near-term, she is encouraged by the continued underlying momentum the brand is experiencing with local consumers who are responding positively to new product, new marketing and new store environments. Walvis reiterates a Buy rating on the shares.