- Telsey Advisory Group analyst Dana Telsey has lowered the price target on Signet Jewelers Limited (NYSE:SIG) to $85 (35% upside) from $100, citing a challenging macro environment. Telsey maintained the Market Perform rating on the shares.
- Telsey said the efforts to improve merchandising and digital capabilities continued to drive topline growth and profitability in Q1.
- Related: Signet Jewelers Q1 Earnings Beat Street View; Reaffirms FY23 Outlook
- Meanwhile, the analyst is cautious about inflation's impact on the mass consumer.
- Signet saw traffic decelerate in March after a stronger February as the stimulus payments lapped and inflation increased.
- The impact of inflation has been particularly felt in the lower price points across banners.
- UBS analyst Mauricio Serna lowered the price target to $120 (91% upside) from $138 and maintained a Buy rating on the shares.
- Citigroup analyst Paul Lejuez lowered the price target on Signet to $76 (21% upside) from $94 and maintained a Neutral rating on the shares.
- Price Action: SIG shares are trading lower by 7.39% at $62.81 on the last check Friday.
- Photo Via Company
