Instinet Raises Price Target on Signet Jewelers (SIG) to $100; Reiterates Buy
- Dow, S&P 500 surge to highs; transports set record
- Unusual 11 Mid-Day Movers 12/7: (ANTH) (EMKR) (PLAY) Higher; (SIGM) (OHAI) (FTK) Lower
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Western Digital (WDC) Raises Q2 Outlook
- Biotech, Pharma Stocks Weaker Amid Trump Comments on Lower Drug Prices
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Instinet reiterated a Buy rating on Signet Jewelers (NYSE: SIG), and raised the price target to $100.00 (from $95.00), following the company's 3Q earnings report. Management noted energy-region weakness drove 80bps of the comp decline, with Jared/Zales over-indexed. Recognizing ~$0.07 of absence policy harmonization, Sterling margins improved 50bps. However, Instinet notes that Zales margins have been decelerating, with a flattish YoY 3Q comparison. 3Q saw inventory declines of ~2.8%, lower than estimated sales decline for 4Q of 1.5%.
Analyst Simeon Siegel commented, "At a high level, SIG’s 3Q beat, sequential comp improvement, and raised FY guide should give investors incremental confidence. Although questions remain, we believe shares faded as investors debate whether guidance for 4Q’s sequential deceleration will prove conservative or disappointing. We maintain our Buy as we continue to believe in SIG’s LT value but recognize a return to positive comps will be key. Our target price goes to $100 from $95."
Shares of Signet Jewelers closed at $90.79 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- Sigma Designs (SIGM): Revenue Headwinds Drive PT Cut - Baird
- RBC says 'Trump-onomics' has Reset Industrial Expansion Clock - (HDS) (WCC) (GWW) (MMM)
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!