BofA analyst Lorraine Hutchinson lowered the firm’s price target on Signet Jewelers to $108 from $115 and keeps a Neutral rating on the shares. Promotional activity in the industry has been heightened for several quarters and this continued in Q1, notes the analyst, who adds that industry-wide inventory normalization is taking longer than expected, which could pressure second half margins if Signet needs to use promotions.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SIG:
- Signet Jewelers Releases Investor Presentation Before Earnings Call
- Options Volatility and Implied Earnings Moves Today, June 13, 2024
- SIG Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Options Volatility and Implied Earnings Moves This Week, June 10 – June 13, 2024
- Signet Jewelers price target raised to $125 from $120 at Wells Fargo