UPDATE: Piper Jaffray Lowering Price Target on Fossil

Piper Jaffray is out with a research report on Fossil, Inc. FOSL and is lowering its price target to $105 from $146, but is keeping its Overweight rating on shares. In a note to clients, Piper Jaffray writes, "In view of the potential for consumer confidence and related discretionary spending slippage in Germany, we are taking a scalpel to our German-exposed FOSL estimates and price target (now $105). Our insights are authored by Piper's participation in the World Retail Congress held in Berlin earlier this week. Longer-term, we believe in FOSL's journey toward structurally higher operating margins by the multi-year expansion in the AsiaPac region." Shares of FOSL closed at $95.65 yesterday.