NEW YORK (TheStreet) -- Shares of Signet Jewelers (SIG) - Get Report  were down in mid-morning trading on Tuesday as JPMorgan reduced its stock rating to "neutral" from "overweight." 

The firm also lowered its price target to $90 from $136 as a result of the Bermuda-based jewelry retailer last week posting worse-than-expected 2017 second quarter results, according to TheFly.

JPMorgan said in their analyst note that there's been a shift in Signet's "underlying near-term fundamentals."

Signet reduced its 2017 earnings outlook to be between $7.25 and $7.55 per share, compared to its prior view of $8.25 to $8.55 per share. Analysts are looking for earnings of $8.22 per share for the full year.

Although the stock looks cheap, JPMorgan said they're stepping aside for now, as headwinds are expected to continue through the first half of 2018, Benzinga reports. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

The team rates Signet Jewelers as a Buy with a ratings score of B-. This is driven by a few notable strengths, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and good cash flow from operations. The team feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here:

SIG

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