Mizuho Securities analyst Betty Chen reiterates a Buy rating for Tiffany & Co. (NYSE:TIF) and maintains a price target of $72.

Chen believes a reduction in estimates on grounds of international spending due to “tourism traffic headwinds and macro/geo-political/terrorism headlines”. The analyst also stated that irrespective of a moderate FY16, investors would be more focused on the product, store fleet, and the digital initiatives underway for the company’s long-term growth.

The analyst expects TIF to benefit from product repositioning, marketing initiatives, and favorable input costs to drive gross margin expansion in 2H/FY17.

The company has been rated by 13 analysts in the past 3 months according to TipRanks. 46% gave a Buy rating, 46% gave a Hold rating and 8% gave a Sell rating. The average 12-month price target for the stock is $70.60, marking a 3.72% upside from current levels.