Citi analyst Paul Lejuez downgraded Signet Jewelers to Neutral from Buy, citing its weakening fundamentals. Zale's weakness in the past two quarters makes him question if that business is likely to close the sales productivity and profit gap versus Kay, as he'd previously assumed was possible, Lejuez tells investors in a post-earnings research note. Also, the substance and timing of the company's transaction with Leonard Green Partners makes him more cautious, the analyst adds. Based on his lowered estimates, Lejuez cut his price target on Signet shares to $83 from $125.