UPDATE: Topeka Capital Initiates Coverage on Signet Jewelers on Attractive Valuation, Significant Upside

In a report published Wednesday, Topeka Capital Markets analyst Dorothy S. Lakner initiated coverage on Signet Jewelers Ltd. SIG with a Buy rating and $83.00 price target. In the report, Topeka Capital Markets noted, “We are initiating coverage of SIG with a Buy rating and a PT of $83. We view SIG as a leader in bridal and branded jewelry. Its US chains in Kay and Jared, with strong customer service and credit biz to help customers with important purchases like bridal jewelry, stand to gain share as the US specialty jewelry market continues to consolidate. New UK management seems poised to turn there, with opportunity to double its OM over time. Valuation is attractive, below the group and 2- and 5-year highs.” Signet Jewelers Ltd. closed on Tuesday at $72.04.