J.P. Morgan Maintains Overweight on Signet Jewelers

J.P. Morgan is out with its report today on Signet Jewelers (NYSE: SIG), maintaining Overweight.

In its report, J.P. Morgan writes, "With its Kay and Jared divisions helping capture over 10% share of the domestic specialty jewelry market, SIG appears well equipped to capitalize on the evident higher-end US recovery. Exclusive brands now make up ~25% of the business, while total brand penetration is now > 50%. That, coupled with a rapidly growing bridal business (now > 50% of the mix) which is bringing in steady traffic from a younger demographic, and the overarching theme is that this is no longer a highly commoditized, older generation focused business model."

J.P. Morgan maintains a $55 PT on SIG.

Shares of SIG closed Thursday at $36.40, up 3.53% from Wednesday's close.