UPDATE: Credit Suisse Downgrades Tiffany & Co.

In a note published Wednesday morning, Credit Suisse analyst Christian Buss downgraded shares of Tiffany & Co. TIF from Outperform to Neutral and maintained a $120 price target.

Buss has based his price target on the average of three items 1) comparable multiples, 2) a five-year discounted cash flow analysis and 3) a long-term growth model.

Buss wrote, "Given increasing concerns of slowing demand trends out of APAC, we believe that opportunities for earnings upside are more limited in the second half and 2015. With multiples now above the historical median of 20x forward P/E, we believe share price appreciation from here will prove more limited as a result."

Despite the downgrade, Buss has maintained his revenue and EPS estimates for fiscal 2014 of $4.343 million and $4.29, respectively.