UPDATE: Wells Fargo Upgrades Signet Jewelers (SIG) to Equal Weight

June 11, 2021 4:15 AM EDT
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Price: $65.65 -3.03%

Rating Summary:
    12 Buy, 13 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 27 | New: 42
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(Updated - June 11, 2021 8:19 AM EDT)

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."

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 $69.58 yesterday.

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