Signet Jewelers price target lowered to $65 from $95 at BofA

BofA analyst Lorraine Hutchinson lowered the firm’s price target on Signet Jewelers (SIG) to $65 from $95 and keeps a Neutral rating on the shares. The company reported weaker than expected holiday results and cut Q4 guidance “across the board,” with comps for the holiday period declining 2% as fashion gifting underperformed, the analyst tells investors in a research note. The firm cut its price target on lower estimates and a more challenges sales outlook, adding that it believes the valuation reflects appropriate caution on the sales and margin trajectory.