UPDATE: Citigroup Reiterates on Signet Jewelers as Consistency Shines Positive in Tough Quarter

In a report published Wednesday, Citigroup analyst Oliver Chen reiterated a Neutral rating on Signet Jewelers Ltd. SIG, and raised the price target from $76.00 to $86.00. In the report, Citigroup noted, “We're pleased with SIG's solid 3Q performance and reiterate our thesis that accessory retailers are likely to see a better holiday than apparel retailers. We believe SIG's bridal and proprietary brand mix is likely to drive +MSD comps in 4Q, combined with benefits of earlier marketing (Oct TY vs. Nov LY). We also expect benefits in GM from product mix & raw material cost benefits. We remain Neutral rated and raise our price target to $86 (from $76) on an unchanged 14x multiple rolled forward to 2015E EPS.” Signet Jewelers closed on Tuesday at $77.81.