UPDATE: Wells Fargo Upgrades Signet Jewelers (SIG) to Equal Weight
Wells Fargo analyst Ike Boruchow upgraded Signet Jewelers (NYSE: SIG) from Underweight to Equal Weight with a price target of $70.00 (from $57.00).
The analyst comments "We are upgrading SIG from UW to EW and raising our PT from to $70 (from $57). This morning, SIG reported a very strong 1Q beat while raising their outlook well above the Street. But bigger picture, we believe the bear case has been taken off the table - management execution is proving itself across the P&L, as SIG is generating more sales with fewer stores (US productivity now +40% above 2019 levels), digital has materially infected (in 1Q ecomm sales doubled, now 20% of sales), costs continue to be removed from the model and improving the balance sheet has been materially cleaned up (leverage forecasted to come in at ~2.0x this FY from ~4.0x two years ago). Further, the stock is one of the few in our coverage that is still trading at a multiple below its historical average."
Shares of Signet Jewelers closed at $69.58 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesWells Fargo, Ike Boruchow
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