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.
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