Citi analyst Paul Lejuez says Signet Jewelers shares traded down 15% after earnings on management commentary that the company was slightly more promotional than planned in Q1 and risk of higher promotions is something to watch. The firm believes the market overreacted to the comment, especially because there are potential offsets if promotions end up higher than planned. Citi’s projection for a Q3 comp inflection is unchanged and it keeps a Buy rating on the shares with a $119 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
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