Citi analyst Paul Lejuez lowered his price target for Tiffany to $125 from $140 and his 2019 earnings per share estimate to $5.18 from $5.50. Global macro concerns and pressure from Chinese tourism will likely continue into fiscal 2019, Lejuez tells investors in a research note titled "Some Near Term Uncertainty; Reduce TP, but Still a Lot to Like." The analyst believes it makes sense to be more cautious on Tiffany's fiscal 2019, but he thinks "significant pessimism" is already priced in with the stock down 30% since early November. The analyst says that despite a less certain macro backdrop near term, he remains optimistic longer term. Lejuez keeps a Buy rating on Tiffany.