BUZZ-Telsey Advisory Group lowers PT on Signet Jewelers after co cuts Q4 forecasts
Brokerage Telsey Advisory Group cuts PT on diamond retailer Signet Jewelers SIG.N to $65 from $87
Says SIG's holiday sales, and Q4 sales and earnings forecast cut are disappointing, given most other retailers have provided better-than-expected or in-line holiday sales
Maintains "market perform" rating, notes co's engagement-rings business has not fully recovered, and expects SIG's fashion segment will take time to grow
While new CEO J.K. Symancyk has significant consumer experience, he is new to jewelry, which poses some risk - brokerage
We remain cautious on the uncertain macro environment and its impact on SIG's mass consumer, says Dana Telsey, analyst with TAG
Brokerage Wells Fargo also cuts stock PT to $95 from $110
Median PT of seven brokerages covering the stock is $87 - LSEG
SIG fell about 25% in 2024
(Reporting by Anuja Bharat Mistry in Bengaluru)
((AnujaBharat.Mistry@thomsonreuters.com;))
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