Stabilizing Strategies Amid Economic Pressure: Analyst's Take On Signet Jewelers
Portfolio Pulse from Shivani Kumaresan
Telsey Advisory Group analyst Dana Telsey reiterated a Market Perform rating on Signet Jewelers Ltd (NYSE:SIG) with a price target of $85. The analyst expects 1QF24 EPS of $1.45 and sales to decrease 11.3% Y/Y to $1.631 billion. Management commented on the challenging macro backdrop and ongoing inflationary pressures, and the analyst remains cautious near-term.
June 05, 2023 | 6:58 pm
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Telsey Advisory Group analyst reiterated a Market Perform rating on Signet Jewelers with a price target of $85. The analyst expects 1QF24 EPS of $1.45 and sales to decrease 11.3% Y/Y to $1.631 billion, and remains cautious near-term.
The analyst's cautious outlook on Signet Jewelers is due to the challenging macro backdrop and ongoing inflationary pressures. The expected decrease in sales and EPS for 1QF24, along with the slow wedding market and uncertainties in the consumer spending environment, suggest a negative short-term impact on the stock price.
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