Signet Jewelers stock has soared 86% in the past three months, and risen some 10% in just Friday and Monday’s trading alone, on hopes that pent-up jewelry demand will lead to more sales in a reopened economy. Telsey Advisory Group wrote Monday that the shares could get another boost from upbeat holiday commentary, but doesn’t think the stock is a buy.
Analyst Dana Telsey reiterated a Market Perform rating on Signet Jewelers (ticker: SIG) on Monday, while raising her price target to $40 from $33. The move comes ahead of Signet’s likely release of preliminary November and December sales on Thursday. “With some positive recent data points across retail suggesting a likely better-than-feared holiday season, we see… upside potential [for revenue],” she wrote, and said the company could provide a guidance update as well.
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