Signet Jewelers Shares Tarnished By Industry Trends

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CLSA initiated coverage on Signet Jewelers SIG with an Outperform rating and an $87 target price. Analyst Rick Patel cites three key reasons for his positive rating:

  • He sees the potential sale of Signet's credit portfolio or the company finding a potential partner as a potential catalyst for growth.
  • The company's market share in a resilient industry.
  • Zale-related synergy's margin tailwinds.

"We see Signet as a good long-term story with low expectations," said Patel, "which is why we lean positive, but we don't expect much near-term upside given the difficult backdrop."

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