UPDATE: Citi Upgrades Fossil

According to a research report published this morning, Citi has upgraded Fossil

from Neutral to Buy. In the report, Citi explained, "We upgrade to Buy (from Neutral) & our $88 price target on 15x implies +22% return. We believe newly lowered EPS is achievable due to improved merchandise execution with new colors & prices, & on growth from new brands Skagen & Lagerfeld. We see beaten-up valuation (22x to 11x, & down 38% 5/9/12) as an opportunity to own a global growth story at a nice price while investors wait to see what we believe will happen." Citi maintains its $88 PT on Fossil, which closed yesterday at $71.89.