Telsey Advisory Group lowers PT on Signet Jewelers after co cuts Q4 forecasts

Signet Jewelers

15/01/2025 17:02

** Brokerage Telsey Advisory Group cuts PT on diamond
retailer Signet Jewelers  SIG.N  to $65 from $87
    ** Says SIG's holiday sales, and Q4 sales and earnings
forecast cut are disappointing, given most other retailers have
provided better-than-expected or in-line holiday sales
    ** Maintains "market perform" rating, notes co's
engagement-rings business has not fully recovered, and expects
SIG's fashion segment will take time to grow
    ** While new CEO J.K. Symancyk has significant consumer
experience, he is new to jewelry, which poses some risk -
brokerage
    ** We remain cautious on the uncertain macro environment and
its impact on SIG's mass consumer, says Dana Telsey, analyst
with TAG
    ** Brokerage Wells Fargo also cuts stock PT to $95 from $110
    ** Median PT of seven brokerages covering the stock is $87 -
LSEG
    ** SIG fell about 25% in 2024

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com;))