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Why Signet Jewelers Plunged Today

TheMotleyFool

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Shares of Signet Jewelers (NYSE: SIG) were down 14.8% as of 11:00 a.m. EST Thursday after analysts at Wells Fargo (NYSE: WFC) downgraded the parent company of jewelry chains including Kay, Zales, Jared, and Piercing Pagoda.

More specifically, Wells Fargo's Ike Boruchow lowered his rating on Signet stock to underweight from equal weight, simultaneously reducing his per-share price target to $12 from $16 -- a steep discount from its previous close at $21.74 per share.

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Source Fool.com

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