Market Overview

UPDATE: Citigroup Upgrades Fossil to Buy on Risk/Reward

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Citigroup raised its rating on Fossil (NASDAQ: FOSL) from Neutral to Buy with a reiterated $100 price target.

Citigroup said, "We raise our rating to Buy from Neutral as we believe EPS upside potential should yield multiple expansion as growth story credibility returns. We see attractive risk/reward now on an inexpensive valuation, favorable currency, and new brand/product benefits to 2013 EPS. FOSL's structural positives remain: dominate moderate/fashion watch share; stellar brands Michael Kors, Marc Jacobs, Fossil, Burberry, Armani; leading supply chain; and global multichannel growth. Next catalyst for FOSL is 3Q EPS which occurs Nov 6th (3Q12 end Sept).

Fossil closed at $85.09 on Monday.

Posted-In: CitigroupAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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