Nomura Reiterates Bullish Stance on Signet Jewelers (SIG) Following Management Meetings

Nomura Securities analyst Simeon Siegel reiterated a Buy rating and $169 price target on Signet Jewelers (NYSE: SIG) following management meetings.

Siegel commented, "In our meetings with CEO Mark Light, CFO Michele Santana & VP IR, James Grant, mgmt was enthusiastic about Zales progress, the 4Q product lineup, ongoing share gains at core Sterling and just general excitement around the overall trajectory of the company. We continue to see SIG as one of the most compelling multi-year growth stories in retail and at 17/14x CY16/CY17E EPS, we believe it is one of the few quality GARP opportunities in discretionary."

He added, "CEO & store managers alike, excitedly talked about the new SIG launch, “Ever Us”, which will showcase two side-by-side diamonds representing both true love & best friends with an advertising campaign to follow this week. It will be carried across SIG concepts initially as a ring; we expect price points of $1K-$5K."

"Despite the Buy & Sell Side excitement (read, anxiety) over the launch, mgmt. is excited about ALL of the Holiday products incl: continued Vera Wang crossselling roll-outs, Star Wars, ALEX & ANI, & Miracle Links, to name a few."

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 $143.00 yesterday.

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