UPDATE: Bank of America Lowers Fossil's PO

According to a research report published this morning, Bank of America has lowered Fossil's

PO from $138 to $88. Bank of America commented in the report, "Fossil reported 1Q12 EPS of $0.93, better than our $0.91, due to a one-time tax benefit that benefited EPS by an estimated $0.06/sh. Fossil is viewed as a growth story but 1Q sales grew 10%, missing our 14% est. and guidance of 15%, partly due to macroeconomic weakness in Europe. Growth in Korea also weakened, tainting the growth trajectory of the otherwise strong Asia business. Guidance was lowered to $5.30-5.40 (including $0.22/sh benefit from Skagen) from $5.40-5.50 prior (excluding Skagen)." Bank of America maintains its Neutral rating on Fossil, which is currently trading at $79.46.