Analysts Cut Signet Jewelers Price Target Amid Inflation Worries

Telsey Advisory Group analyst Dana Telsey has lowered the price target on Signet Jewelers Limited SIG to $85 (35% upside) from $100, citing a challenging macro environment. Telsey maintained the Market Perform rating on the shares.
Telsey said the efforts to improve merchandising and digital capabilities continued to drive topline growth and profitability in Q1.
Related: Signet Jewelers Q1 Earnings Beat Street View; Reaffirms FY23 Outlook
Meanwhile, the analyst is cautious about inflation's impact on the mass consumer.
Signet saw traffic decelerate in March after a stronger February as the stimulus payments lapped and inflation increased.
The impact of inflation has been particularly felt in the lower price points across banners.
UBS analyst Mauricio Serna lowered the price target to $120 (91% upside) from $138 and maintained a Buy rating on the shares.
Citigroup analyst Paul Lejuez lowered the price target on Signet to $76 (21% upside) from $94 and maintained a Neutral rating on the shares.
Price Action: SIG shares are trading lower by 7.39% at $62.81 on the last check Friday.
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