Signet Jewelers just upgraded at Citi, here’s why

Citi upgraded Signet Jewelers to Buy from Neutral with a price target of $119, up from $93. The company’s Q3 was “fairly uneventful on the surface but there were several things” that make Citi more positive on the stock, the analyst tells investors in a research note. The jewelry recession is getting close to the end, engagement trends are showing signs of bottoming, the company’s gross margin inflected in Q3 and its “impressive” free cash flow gives Signet firepower for bigger share buybacks, says the firm.