01:26 PM EDT, 09/13/2024 (MT Newswires) -- Signet Jewelers ( SIG ) is likely to exceed expectations for earnings per share over the next 12 months, UBS Securities said after the company posted an EPS beat for fiscal Q2.

"The company has implemented transformational initiatives over the last five years, while investing in its omnichannel capabilities, bridal banners, fashion jewelry newness, and supply chain," UBS said in a note Thursday. "We anticipate these factors to drive sustained outperformance versus jewelry retail competitors."

The firm said it increased its EPS forecast for Signet Jewelers ( SIG ) for fiscal 2025 by 5% and for fiscal 2026 and 2027 by 3%.

UBS maintained the company's buy rating and lifted its price target to $136 from $132, which the firm said is based on roughly 10 times its fiscal 2027 EPS forecast of $13.65.

Signet Jewelers ( SIG ) shares were up 4.9% in recent Friday trading.

Price: 90.86, Change: +3.92, Percent Change: +4.51