- Telsey Advisory Group analyst Dana Telsey has reiterated a Market Perform rating on the shares of Signet Jewelers Ltd (NYSE:SIG) with a price target of $72.00.
- The company reported Q2 earnings above Street estimates.
- Telsey said the Q2 margin decline came as a result of occupancy deleverage on lower sales and the strength of the lower-margin Diamonds Direct bridal business.
- Also, technology investments and COVID-related tax abatements at the U.K. business last year weighed on the year-over-year margin performance for the quarter.
- The analyst notes Signet’s Q3 operating income outlook is below the prior consensus, meaning that the annual outlook is more weighted to Q4.
- The company’s outlook, Telsey thinks, has added an incremental element of risk, especially as visibility of the macro health of the mass consumer heading into the holiday season remains opaque.
- Price Action: SIG shares are trading lower by 11.79% at $57.66 on the last check Thursday.
- Photo Via Company
What’s Going On With WeWork Shares Today?
WeWork Inc. (NYSE: WE) opted not to make aggregate interest payments totaling about $37.3 million in cash and $57.9 million in additional PIK notes, both due on October 2, 2023.
