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Analysts Cut Signet Jewelers Price Target Amid Inflation Worries

Telsey Advisory Group analyst Dana Telsey has lowered the price target on Signet Jewelers Limited (NYSE: SIG) to $85 (35% upside) from $100, citing a challenging macro environment. Telsey maintained the Market Perform rating on the shares.

Benzinga · 06/10/2022 11:21
  • Telsey Advisory Group analyst Dana Telsey has lowered the price target on Signet Jewelers Limited (NYSE:SIG) to $85 (35% upside) from $100, citing a challenging macro environment. Telsey maintained the Market Perform rating on the shares.
  • Telsey said the efforts to improve merchandising and digital capabilities continued to drive topline growth and profitability in Q1.
  • RelatedSignet Jewelers Q1 Earnings Beat Street View; Reaffirms FY23 Outlook
  • Meanwhile, the analyst is cautious about inflation's impact on the mass consumer.
  • Signet saw traffic decelerate in March after a stronger February as the stimulus payments lapped and inflation increased.
  • The impact of inflation has been particularly felt in the lower price points across banners.
  • UBS analyst Mauricio Serna lowered the price target to $120 (91% upside) from $138 and maintained a Buy rating on the shares.
  • Citigroup analyst Paul Lejuez lowered the price target on Signet to $76 (21% upside) from $94 and maintained a Neutral rating on the shares.
  • Price Action: SIG shares are trading lower by 7.39% at $62.81 on the last check Friday.
  • Photo Via Company