Citi analyst Paul Lejuez downgraded Tiffany to Neutral from Buy and lowered his price target for the shares to $100 from $115. The company's guidance implies a "big improvement" in second half of 2019 results versus the first half, and there is risk to the second half turnaround "does not go according to plan," Lejuez tells investors in a research note. Although Tiffany faces easier second half comparisons, the improvement is based on a lower drag from tourism, especially from China, and a pickup in sales to local customers, both of which are uncertain, says the analyst. He sees risk to estimates and finds Tiffany's risk/reward as balanced at current share levels.