UPDATE: Deutsche Bank Raises PT to $60 on Signet Group

A report from Deutsche Bank reiterates its Buy rating and raises its price target from $58.50 to $60 on Signet Group (NYSE: SIG).

The report states, “Signet Q3 results came in 50% (10 cents) above expectations and 6c above DBe. This adds 2% to our full year forecast, and we lift our Q4 US comp forecast from 5% to 8%, giving ‘11/12E EPS 6% above pre-Q3 consensus of $3.54. We allow for a US slowdown next year, but the exclusive product initiatives and favourable competitive landscape should ensure that Signet continues to outperform the market.”

SIG closed yesterday at $43.42.