Soleil Securities Raises Price Target and Estimates on Signet Jewelers (SIG), Continues to Gain Market Share

Soleil Securities is maintaining its Hold rating on shares of Signet Jewelers (NYSE: SIG) and is raising its price target from $43 to $48.

The firm is increasing its FY12 and FY13 EPS estimates by $0.20 and $0.30 to $3.30 and $3.80 due to the Q1 upside. It notes that the CEO is not looking at repurchasing any shares in the near future, but is focusing on technology, branded product, and opportunistic investments.

SIG is gaining market share through exclusive brands, marketing clout, and financial strenght. The company is also investing in its employee benefit programs.

The company ended Q1 with $92 million in cash and the firm anticipates it to be $200 million for the year.

Soleil comments, "new CEO is taking his time before spending the cash but with estimated $500 million cash position and zero debt by year end the pressure will build for some action."

For more ratings news on Signet Jewelers click here and for the rating history of Signet Jewelers click here.

Shares of Signet Jewelers closed at $45.75 yesterday.

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