Signet Jewelers (SIG) PT Lifted to $140 at BofA/Merrill Lynch on Strong Zale Integration

BofA/Merrill Lynch analyst Lorraine Hutchinson reiterated a Buy rating and boosted her price target on Signet Jewelers (NYSE: SIG) to $140.00 (from $125.00) saying the acquisition of Zale is off to a strong start.

Hutchinson said, "We believe Signet has an opportunity to capitalize on its superior operating capabilities to turn Zale from a distant number two to a retailer with an optimized, profitable store base. We expect Signet to drive holiday comps with the expansion of existing product lines, the launch of new brands, increased advertising and a more engaged salesforce. After the crucial 4Q selling period, we expect another update from management on cost synergies and think there could be further opportunities to optimize the two companies' cost structures."

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 $117.50 yesterday.

You May Also Be Interested In

• EasyJet Plc. (EZJ:LN) (ESYJY) PT Raised to GBP750 at BofA Securities
• Vista Outdoor (VSTO) PT Raised to $40 at B.Riley
• Viper Energy (VNOM) PT Raised to $41 at Roth/MKM