Mizuho Securities lowered its rating on Tiffany to neutral from buy, because financial results from the jewelry retailer will miss expectations in the coming year.

The company announced the departure of CEO Frederic Cumenal on Sunday and cited that the board was “disappointed by recent financial results.”

“While we still consider TIF as a foremost luxury brand with multiple long-term drivers, we are concerned with multiple executive changes” in the last 12 months, analyst Betty Chen wrote in a note to clients Monday. “Tiffany faces several near-term headwinds ranging from macro volatility in APAC and Europe, lack of visibility in the U.S. business and diminishing commodity price benefits. We are lowering our forecasts and believe consensus FY17 estimates are overly optimistic given the aforementioned backdrop.”