UPDATE: JP Morgan Downgrades Signet Jewelers to Neutral on Valuation

JP Morgan downgraded Signet Jewelers (NYSE: SIG) from Overweight to Neutral and raised the price target from $56.00 to $59.00.

JP Morgan noted, "With its Kay and Jared divisions helping capture 9-10% share of the domestic specialty jewelry market, we continue to see ongoing opportunity for SIG to gain market share amid a turbulent environment. That said, we are concerned that a bearish setup into last week's holiday print triggered a fast squeeze, repricing shares to a more reasonable multiple of 12-13x."

Signet Jewelers closed at $58.87 on Friday.

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