SIG - Signet Jewelers: The Easy Money Has Been Made (Rating Downgrade)
2024-02-20 18:07:58 ET
Summary
- Signet Jewelers' shares have delivered a total return of ~53% since my prior Buy rating.
- The company reported strong Q3 FY 2024 results and expects a continued recovery in the pace of engagements.
- CEO Gina Drosos has recently sold a considerable amount of the company's shares.
- The valuation picture is now much less attractive than was previously the case.
- I am downgrading the stock to Hold and view the risk/reward outlook as more balanced at current levels.
Shares of Signet Jewelers Limited ( SIG ) have delivered a total return of ~53% since my initial Buy recommendation, Signet Jewelers: Too Cheap To Ignore , was published in late October 2023. Comparably, the S&P 500 has delivered a total return of ~20% over the same time period....
Signet Jewelers: The Easy Money Has Been Made (Rating Downgrade)