Citi analyst Paul Lejuez lowered his price target for Signet Jewelers to $12 from $17 and keeps a Sell rating on the shares. While the company's Q2 was better than expected and it was also able to refinance its debt, pushing out its maturities, Signet still faces a "very challenging" retail environment, Lejuez tells investors in a research note. The analyst says he saw little this quarter to give him confidence that the company has "found the right formula to drive profitable sales." He's we are concerned about how Signet will perform in the "all-important" Q4 and believes the risk is to the downside.