UPDATE: Benchmark Upgrades Fossil from Hold to Buy

Benchmark has published a report on Fossil Inc

upgrading the company's stock from Hold to Buy. In the report, Benchmark wrote, "Given the recent pullback in the share price from approximately $135 to $82, we believe most of the bad news on margins is baked into the stock. We contend that the global watch trend continues, especially in Asia and Latin America, and with continued strength in the US and Europe. We maintained our price target of $100, based on 22x our increased 2011 EPS estimate and 12x our 2011 EBITDA estimate." Benchmark upgraded Fossil from Hold to BUY with a price target maintained at $100.00. Fossil closed Tuesday at $81.81.