Investec has increased its target share price for jeweller Signet after it delivered preliminary results at the upper end of expectations.
Want to know more about Signet?
The broker upped its target to £31 from £29 on the back of the figures, which showed profits rose to $393m (£240m) in the year ended January 29, driven by robust sales in the US.
Weak trading in the UK, where like-for-likes have plunged 4.6% in its new financial year, has been offset by strong US turnover, up 11.4%.
Investec analyst David Jeary said: “Signet remains a class act within the mainstream US multiple jewellery market. We think Signet appears well-positioned to extend its unrivalled track record of market share gains over the past decade.”
The broker said the trading pattern in the UK, where Signet runs the H Samuel, Ernest Jones and Leslie Davis chains, had been distorted by the timing of Mother’s Day.