Signet's Comps Turn Negative in Q2; Lowering Valuation to Reflect Near-Term Weakness
We decrease our fair value estimate for Signet Jewelers to $100 from $127 following a disappointing second quarter that fell well short of our expectations. Management slashed guidance for the remainder of 2016, and it now appears that Signet will be unable to meet our previous full-year forecasts. These results show that the lack of an economic moat can make cyclical businesses sensitive to the economic environment, and we reiterate our no-moat rating. Nevertheless, although we now expect great...
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