Instinet Raises Price Target on Signet Jewelers (SIG) to $100; Reiterates Buy
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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.
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