Cowen Downgrades Signet Jewelers (SIG) to Market Perform
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Cowen downgraded Signet Jewelers (NYSE: SIG) from Outperform to Market Perform with a price target of $85.00 (from $96.00), citing a lack of catalysts and riskier near-term dynamics.
Analyst Oliver Chen commented, "SIG remains a leader in specialty jewelry space w/ steady long-term growth prospects. Valuation is cheap, but upside may be limited on volatile traffic/industry trends, credit sale uncertainty, 4Q-weighted risk & Jared. We lower to $85PT & cut EPS below guide/street. Upside risks: expectations now being reset & stock may rise on better vs. feared EPS."
Shares of Signet Jewelers closed at $78.54 yesterday.
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