UPDATE: Brean Murray Carret Downgrades Fossil to Hold

Brean Murray Carret lowers its rating on Fossil (NASDAQ: FOSL) to Hold from Buy as shares achieve target price of $100, which is now pulled.

Brean Murray Carret notes, "Although we believe Fossil possesses one of the most appealing business models in our universe and has a very strong market position as the key timepiece player, we are worried that Street expectations, especially for 1Q12 are once again overheating, which could lead to disappointments as Fossil management has traditionally remained conservative in their guidance; with 4Q11 earnings on tap for Feb. 14th, we believe initial guidance will not be enough to justify the current valuation of over 10x our 2012 EPS projection."

FOSL closed at $100.49 a share on Monday.