Signet Jewelers (SIG) is expected to post a "decent" Q1, with a likely $0.10 EPS beat, UBS Securities said in a note Thursday.

Still, the report said the firm could lower the high end of its fiscal 2027 EPS guidance by $0.20 to $0.25 due to macro uncertainty.

"We believe the market has similar expectations and thus don't expect this to drive big changes on sentiment," the note said. The firm plans to release its Q1 results June 2.

The report said the stock's move will depend on its Q2 outlook and quarter-to-date comparable sales trends.

"We don't have a strong view on what SIG will indicate QTD," the note said.

UBS lowered its price target to $121 from $126 while keeping its buy rating.

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