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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