UBS reiterated its Buy rating and $115 price target on Signet Jewelers (NYSE: SIG), citing encouraging indications for U.S. jewelry demand following the holiday season.

The firm said investors had been questioning holiday sales trends amid macroeconomic and tariff-related headwinds. To assess the environment, UBS hosted an expert call on December 30 with the chief executive of a private jewelry chain.

According to UBS, the expert reported that December month-to-date sales were up in the low single-digit percentage range, moderating from mid-single-digit growth year-to-date as of mid-November. The expert viewed December trends as a reliable leading indicator for calendar 2026 and suggested that industry-wide jewelry sales could rise by a low single-digit percentage next year.

UBS also said the expert noted that gross margins were improving despite higher gold prices and tariffs, while promotional activity remained relatively stable year over year. The firm concluded that these sales and margin trends were supportive of Signet's earnings outlook and reaffirmed its Buy rating.