UPDATE: Miller Tabak Initiates Coverage on Signet Jewelers

According to a research report published this morning, Miller Tabak has initiated Signet Jewelers SIG with a Buy rating and $57 PT. In the report, Miller Tabak commented, "Signet's market share has doubled to over 10% in the past five years, driven by the successful development and marketing of exclusive, proprietary merchandise assortments. Consolidation among weak specialty retail competitors during the most recent recession also helped, a trend we believe will persist over time. We think US operating margins, already at record levels (15.8%) can continue to go up despite persistent commodity cost inflation." Signet Jewelers closed Friday at $47.81.