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Citigroup lowers its price target on Fossil
FOSL to Neutral following its impressive stock run. Price target is now at $135.
Citigroup notes, "We hosted meetings on 2/29-2/30/12 with FOSL's Chairman & CEO Kosta Kartsotis & CFO Mike Kovar. We con't to believe FOSL has sustainable competitive advantages in an attractive watch category (global appeal, high margins/turns, no weather/size issues) on high speed test & react, power brands, and design/sourcing/repair infrastructure. Lowering rating to Neutral on impressive stock run; price target to $135."
FOSL closed at $124.11 a share yesterday.
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