UPDATE: Benchmark Downgrades Fossil to Hold on 2013 Guidance Expectations

Benchmark downgraded Fossil

from Buy to Hold and maintained a $105.00 price target. Benchmark noted, "Fossil reports Q4 results before the market open on Tuesday. We expect Q4 to be slightly ahead of adjusted consensus of $2.27, which is at the middle of guidance of $2.26-$2.29 and excludes approximately $0.15 per share benefit in net one time fees associated with the Skagen acquisition, more than offset by one-time beneficial tax-items. … Given that the stock is basically at our price target of $105, based on 10 times our 2013 EBITDA estimate, and that we expect 2013 to be in line at best, we lower our rating to Hold, from Buy." Fossil closed at $103.90 on Friday.