Topeka Calls Signet Jewelers' (SIG) New CEO 'Worthy Successor'

Topeka Capital maintained a Buy rating on Signet Jewelers (NYSE: SIG) with a price target of $130. Analyst Dorothy S. Lakner called Mark Light a worthy successor to Mike Barnes.

"While reaffirming 3Q guidance, SIG said its CEO Mike Barnes would resign to move closer to family in Dallas, with COO and President of the Sterling division Mark Light, a 36-year SIG veteran, taking the top slot. The shares are likely to take a hit given Mr. Barnes' strong track record since joining SIG in 2010 as well as his charisma as a leader, but Mr. Light has a longer record at SIG, leading the core Sterling division, partnering with the UK in its turnaround and being a key player in the Zale acquisition--a worthy successor, in our view. We view any weakness as a buying opportunity in SIG," said Lakner.

For an analyst ratings summary and ratings history on Signet Jewelers click here. For more ratings news on Signet Jewelers click here.

Shares of Signet Jewelers closed at $107.89 yesterday.

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