UPDATE: Goldman Sachs Raises PT on Signet Jewelers on Balance Sheet
In a report published on Thursday, Goldman Sachs analyst Rob Joyce maintained a Buy Rating on Signet Jewelers (NYSE: SIG) and increased the price target to $89.80 from $77.91.
In the report, Goldman Sachs noted, "Further, Signet's recent announcement of a $350 mn share buyback points to a continued focus on balance sheet management. While the recently acquired Ultra business's 1Q14 profitability was lower than our expectation, Signet's strong positioning means we believe it will be able to continue to generate improving returns and strong EBITDAR growth in the medium term, with further potential upside from a US consumer recovery.
Signet Jewelers closed on Wednesday at $68.16.
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