Signet Jewelers price target raised to $90 from $82 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Signet Jewelers to $90 from $82 and keeps a Market Perform rating on the shares. Signet Jewelers reported solid Q3 results with better-than expected gross margin leverage and in-line sales delivering the EPS beat, the Q4 sales and operating income guidance brackets the market’s prior expectations with management commenting that Black Friday weekend trends were in-line with expectations, and the annual outlook was largely unchanged, the analyst tells investors in a research note. The firm remains cautious on the uncertain macro environment as well as Signet’s mass consumer’s heightened discernment around discretionary spend heading into the peak holiday selling season.