Shluchim in Cabos (Benny and Mrs Hershcovich) in the path of Hurricane Jimena

CABO SAN LUCAS, Mexico (CNN)

Hurricane Jimena weakened to a Category 3 storm Tuesday afternoon, but remained dangerous as it bore down on the Mexican peninsula of Baja California, with the resort town of Cabo San Lucas in its path.

Meanwhile, Tropical Storm Erika formed in the Atlantic on Tuesday, east of the northern Leeward Islands, the National Hurricane Center said.Jimena's maximum wind speed dropped from 125 mph to 120 mph (195 kph), according to the U.S. National Weather Service's 5 p.m. PT (8 p.m. ET) update."A gradual weakening is forecast during the next 24 to 48 hours," the weather service said.

"However, Jimena could be near major hurricane strength when it makes landfall."The storm's center is forecast to come ashore on Thursday morning, but the weather service warned that "because it will be moving parallel to the coastline, any slight change in direction could have a huge impact in the location and timing of landfall.

"Mexico's government extended a hurricane warning for most of the southern half of the Baja peninsula -- from Punta Abreojos on the peninsula's west coast to Mulege on its east coast, according to the National Weather Service.

A hurricane warning means hurricane conditions are expected within the warning area in the next 24 hours and people should quickly prepare "to protect life and property.""A dangerous storm surge along with battering waves will produce significant coastal flooding along the Baja California Peninsula," NWS said.

On its current track, Jimena's center will approach the peninsula's southern portion later on Tuesday and central Baja California peninsula by Thursday, the weather service said.In addition to damaging winds, the storm could bring as much as 15 inches of rain, forecasters said.

Jimena -- the 10th named storm of the Pacific season -- was centered about 85 miles (135 km) west-southwest of Cabo San Lucas, according to the weather service. It was traveling north-northwest near 12 mph (19 kph)

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