Signet Jewelers (SIG): Valuation Pressure May Continue - Cowen
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Cowen analyst, Oliver Chen, reiterated his Outperform rating on Signet Jewelers (NYSE: SIG) after the company missed 2Q comps & guided FY17 down ~-13% on FY comps of -2.5% to -1.0% implying neg. 2H comps. Problems driving weaker outlook were numerous, including: oil market weakness neg. impacting regional demand, election year uncertainty, & Brexit. Meanwhile, the Jared comp of -7.6% shows fundamental issues as SIG works to drive better customer segmentation.
The price target drops to $96 from $130 on 11x revised FY18E EPS.
Shares of Signet Jewelers closed at $83.44 yesterday.
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