We don't think Signet possesses a brand that commands pricing power.
We are keeping our no-moat and negative moat trend ratings intact following Signet Jewelers' third-quarter results and reduced full-year revenue and profit guidance. After a 30% drop Nov. 21, the shares are trading at a 27% discount to our unchanged fair value estimate, in 4-star territory. This investment comes with very high uncertainty, given multiple risks and structural headwinds that the company is facing.Signet now forecasts same-store sales to drop by midsingle digits, down from low to...
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