Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
After Acushnet Holdings Corp (NYSE:GOLF) and Signet Jewelers Ltd. (NYSE:SIG) reached Nomura's price targets, the sell-side firm downgraded the retail stocks Tuesday.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Analyst Simeon Siegel downgraded Acushnet from Buy to Neutral and maintained a $25 price target. The analyst downgraded Signet from Buy to Neutral and maintained a $62 price target.
The Thesis
After outpacing the S&P 500 over by nearly 20 percent over the last 12 months, with a 33-percent gain for Acushnet vs. 13 percent for the S&P500, Siegel said he's going to wait in the clubhouse before becoming more constructive on one of the leading brands in golf. (See the analyst's track record here.)
“We continue to recognize GOLF’s brand equity and expect its leadership position to persist, however with recent multiple expansion we move to the sidelines on valuation."
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
An uptick in retail sales is coming from AUR as opposed to traffic, the analyst said: tighter inventory industrywide is resulting in less surplus product to drive a promotional war Siegel said has been "raging" since the Great Recession.
After Signet Jewelers shares posted a 40-percent run-up since the first quarter and hit Nomura's price target, Siegel said the stock looks fairly valued.
“SIG’s stabilization is being rewarded, and although management initiatives should continue to bear fruit, we believe that with 4Q EPS expected to represent greater than 100 percent of the FY EPS guide, shares appear fairly valued at current levels, given the uncertainty around the holiday season and a more reasonable valuation multiple.”
Price Action
Signet Jewelers shares were set to close down 6.16 percent at $57.89 at the time of publication Tuesday afternoon, while Acushnet shares were down 2.07 percent at $24.16.
Related Links:
Callaway Golf Downgraded Amid Product Competition From Top Brands
Signet Jewelers' Blemishes Lead To RBC Downgrade
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.