Signet Jewelers Stock Rating Upgraded by Deutsche Bank (SIG)
Signet Jewelers (NYSE:SIG) was upgraded by equities researchers at Deutsche Bank from a “hold” rating to a “buy” rating in a research report issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $85.00 price objective on the stock, up from their previous price objective of $73.00. Deutsche Bank’s target price would suggest a potential upside of 16.85% from the stock’s previous close.
The analysts wrote, “Signet will host an investor day on 8 October, which should refocus investors on its successful business model and should confirm Q3 guidance. Signet should deliver 12-13% EPS annual growth in the next three years, due to its average 3% outperformance of the US market, a strong gross margin (driven by the success of exclusive products and a commodities tailwind) and an improving credit portfolio. The sound cash generation should provide scope for further share buybacks and dividends.”
A number of other analysts have also recently weighed in on SIG. Analysts at Topeka Capital Markets initiated coverage on shares of Signet Jewelers in a research note to investors on Tuesday, October 1st. They set a “buy” rating and a $83.00 price target on the stock. Separately, analysts at Brean Capital initiated coverage on shares of Signet Jewelers in a research note to investors on Friday, September 27th. They set a “buy” rating on the stock. Finally, analysts at Thomson Reuters/Verus downgraded shares of Signet Jewelers from a “buy” rating to a “hold” rating in a research note to investors on Monday, September 23rd. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $95.49.
Shares of Signet Jewelers (NYSE:SIG) traded up 0.19% on Monday, hitting $72.88. 398,212 shares of the company’s stock traded hands. Signet Jewelers has a 1-year low of $48.17 and a 1-year high of $76.15. The stock’s 50-day moving average is $70.07 and its 200-day moving average is $69.29. The company has a market cap of $5.869 billion and a P/E ratio of 16.07.
Signet Jewelers (NYSE:SIG) last released its earnings data on Thursday, August 29th. The company reported $0.84 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.83 by $0.01. The company had revenue of $880.20 million for the quarter, compared to the consensus estimate of $909.90 million. During the same quarter in the prior year, the company posted $0.85 earnings per share. The company’s quarterly revenue was up 3.1% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, November 26th. Shareholders of record on Friday, November 1st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend is Wednesday, October 30th.
Signet Jewelers Limited (NYSE:SIG) is a specialty retail jeweler by sales in the United States and United Kingdom, and also has stores in the Republic of Ireland and Channel Islands.
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