UPDATE: Deutsche Bank Downgrades Signet Group to Hold on Bleak Earnings Growth
In a report published on Thursday, Deutsche Bank analyst Warwick Okines downgraded the jewelry company Signet Group (NYSE: SIG) to Hold with a price target of $73.
In the report, Okines mentioned, "Signet continues to have excellent momentum in the US, as demonstrated by Same Store Sales growth of +10.2% at Kay's and 17.7% EPS growth in the quarter. Calendar effects and the final stages of integrating the Ultra acquisition will lead to little or no earnings growth in Q2, and as we enter the quiet part of the year for Signet (25% of annual EPS generated in Q2 & Q3 combined) the main catalyst is likely to be further news of a new share buyback programme."
Signet Group closed on Wednesday at $71.63.
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