Loop Capital analyst Laura Champine lowered her price target on Tiffany to $85 and kept her Hold rating after its Q2 results and the 4% decline in comps. The analyst believes that the macroeconomic weakness has grown since her last downgrade and cites "weak tourist traffic" weighing on global demand, cutting her FY19 comps forecast to flat from up 2%. Champine still sees Tiffany shares as "attractive" in the longer term, but she is concerned that wealthy customers will delay purchases in a "more volatile" environment highlighted by tariff uncertainty and worries about global growth.