BofA/Merrill reiterated its Buy rating on Signet Jewelers saying its market share opportunity within the fragmented jewelry industry and consistency is vastly underappreciated by the market. Further, the diamond swapping allegations that likely drove down the stock 14% since Q1 results are primarily due to allegations on the internet, and the company would have to lose $1.2B of revenue to justify the drop, the firm said. BofA's analyst notes the company manages over 4M service and repair transactions a year, with more than 99% completed without any negative feedback, and of the negative feedback, most relates to repairs taking longer than expected or shipping delays.