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.
- Telsey Advisory Group analyst Dana Telsey reiterated a Market Perform rating on the shares of Signet Jewelers Ltd (NYSE:SIG) with a price target of $85.
- Signet will report first quarter results on Thursday, June 8, before the market opens.
- The analyst expects 1QF24 EPS of $1.45 versus. the consensus estimates of $1.49 and sales to decrease 11.3% Y/Y to $1.631 billion, as compared to the consensus forecast of $1.650 billion.
- Management has commented that given the challenging macro backdrop and ongoing inflationary pressures, SIG does not expect to see a rebound in the lower price point consumer, said the analyst.
- Also, the company’s digitally native banners (James Allen and Blue Nile) are anticipated to pressure margins until accretion is achieved in 3QF24, noted the analyst.
- While SIG did not provide a nearer-term guidance update at its investor day, the analyst is encouraged by management detailing the strategies that have helped stabilize SIG and weather the challenging macro landscape.
- The analyst remains cautious near-term given ongoing uncertainties in the consumer spending environment as macro headwinds persist in 2023, with a slow wedding market providing an extra hurdle.
- Also, the annual outlook appears more back-end loaded than the market had previously anticipated, which carries a bit more risk, in the analyst’s view, as the company’s Q1 sales and operating income guidance came in weaker than expected.
- Price Action: SIG shares are trading lower by 2.58% at $63.75 on the last check Monday.
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.
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!