NEW YORK (TheStreet) -- Shares of Tiffany & Co.  (TIF - Get Report)  are declining by 2.05% to $62.58 late Thursday morning, after the New York City-based company reported 2016 first quarter results that missed analysts' expectations.

Yesterday, Tiffany reported earnings of 69 cents per share on revenue of $891.3 million for its 2016 first quarter, down from the previous year's first quarter earnings of 81 cents per share on revenue of $915.1 million.

The company's 2016 first quarter earnings missed Nomura analysts' expectations of 70 cents per share and its revenue came below Wall Street estimates of $915.1 million.

As a result, the firm reduced its price target on the stock to $75 from $90 but maintained its "buy" rating.

"The USD strength continues to hinder foreign tourist spending in the U.S., while local consumers and tourists globally remain cautious in light of macro uncertainty and geopolitical risk," Nomura analysts said in an investor note.

Separately, TheStreet Ratings rated Tiffany & Co. as a "hold" with a score of C+.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.

Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

The primary factors that have impacted this rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins.

However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including deteriorating net income, weak operating cash flow and disappointing return on equity.

You can view the full analysis from the report here: TIF