UPDATE: Benchmark Downgrades Fossil to Hold

According to a research report published earlier today, Benchmark has downgraded Fossil Inc.

stock from Buy to Hold, and withdraws its PT. In the report, Benchmark explained its decision: “The Company guided 2012 in line with consensus, excluding $0.18 of potential upside from the Skagen acquisition, and the shares climbed dramatically. While we believe that Skagen should be a nice growth vehicle and that the Michael Kors line of watches and jewelry should continue to grow dramatically, we believe this is already baked into expectations. With the share price having exceeded our former $115 price target and currently trading at over 12.5x forward EBITDA, which we consider a full valuation, we see little upside for shareholders and downgrade our rating to Hold, from Buy, and withdraw our price target.” Fossil closed yesterday at $119.82.