UPDATE: Miller Tabak Initiates Coverage on Signet Jewelers
According to a research report published this morning, Miller Tabak has initiated Signet Jewelers (NYSE: SIG) with a Buy rating and $57 PT.
In the report, Miller Tabak commented, "Signet's market share has doubled to over 10% in the past five years, driven by the successful development and marketing of exclusive, proprietary merchandise assortments. Consolidation among weak specialty retail competitors during the most recent recession also helped, a trend we believe will persist over time. We think US operating margins, already at record levels (15.8%) can continue to go up despite persistent commodity cost inflation."
Signet Jewelers closed Friday at $47.81.
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