RBC Capital says Signet has multiple negative short-term catalysts, including the impact of Brexit, "increased uncertainty" regarding its credit book sale, and negative publicity stemming from alleged "diamond swapping" at its Kay unit. However, the firm expects the company to offset dilution from its credit book sale with share repurchases, and it predicts that share gains and synergies will enable the company to generate long-term EPS growth in the mid-teen percentage levels. RBC cut its price target on the shares to $120 from $140 but keeps an Outperform rating on the stock.