Barclays Raises FY11/12 EPS Estimates on Signet Jewelers (SIG); Solid Top Line Momentum

Barclays maintains an 'Equalweight' on Signet Jewelers (NYSE: SIG) price target of $49.00.

Barclays analyst says, "Signet Jewelers reported 2Q11 EPS of $0.76, well above our estimate and consensus: Upside was driven by higher gross margin and revenue increases...Importantly, Signet declared a quarterly dividend of $0.10 and increased its expectations for free cash flow for the year. Given solid top line momentum, continued market share gains and margin improvement, we are increasing our 2011 and 2012 EPS estimates to $3.60 and $3.75, from $3.35 and $3.60 respectively."

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 $36.40 yesterday.

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