Signet Jewelers' Engagement Sales Set to Rebound In Q4: Analyst Asserts
Portfolio Pulse from Nabaparna Bhattacharya
Telsey Advisory Group analyst Dana Telsey has reiterated the Market Perform rating on Signet Jewelers Limited (NYSE:SIG), raising the price target to $82 from $71. Telsey expects engagement sales to start recovering towards the end of FY24. Despite a Q2 sales decline of 8.1% YoY, SIG beat the analyst consensus with $1.61 billion. The company continues to see FY24 sales of $7.10 billion - $7.30 billion. However, Telsey sees a more conservative back half outlook due to macro challenges and a volatile consumer spending environment.
September 01, 2023 | 6:23 pm
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POSITIVE IMPACT
Signet Jewelers' price target has been raised by Telsey Advisory Group, indicating a positive outlook. Despite a Q2 sales decline, the company beat the analyst consensus, which could boost investor confidence.
The raised price target and the company's performance beating the analyst consensus despite a sales decline indicate a positive outlook for Signet Jewelers. This could lead to increased investor interest and potentially a rise in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100