J.P. Morgan Maintains Overweight on Signet Jewelers

J.P. Morgan is out with its report today on Signet Jewelers SIG, maintaining Overweight. In its report, J.P. Morgan writes, "With its Kay and Jared divisions helping capture over 10% share of the domestic specialty jewelry market, SIG appears well equipped to capitalize on the evident higher-end US recovery. Exclusive brands now make up ~25% of the business, while total brand penetration is now > 50%. That, coupled with a rapidly growing bridal business (now > 50% of the mix) which is bringing in steady traffic from a younger demographic, and the overarching theme is that this is no longer a highly commoditized, older generation focused business model." J.P. Morgan maintains a $55 PT on SIG. Shares of SIG closed Thursday at $36.40, up 3.53% from Wednesday's close.