Signet Jewelers surge on raising earnings forecast, upbeat quarterly results

Shares of Signet Jewelers SIG.N up as much as 16.9% to a near five-month high of $78.09 in early trade

Co raises annual adjusted EPS forecast to between $7.70 and $9.38, from the previous forecast range of $7.31-$9.10

Also sees annual sales between $6.57 billion and $6.80 billion, compared to earlier $6.53 billion to $6.80 billion forecast

Says outlook reflects current macro environment and tariffs as well as cost savings initiatives, and adjusted EPS outlook reflects repurchase of above 5% of outstanding shares YTD

Co also beats Q1 sales, profit estimates, according to data compiled by LSEG

*We remain cautious on the overall macro-consumer environment in a highly discretionary category and its impact on SIG's mass consumers, while a slower engagement recovery cycle further clouds visibility - Brokerage Telsey Advisory Group

Average recommendation of eight analysts is "buy"; with a median PT of $75 - data compiled by LSEG

Up to last close, stock has fallen ~17% YTD