Fossil Up After Earnings, Piper Jaffray Raises Price Target
Shares of Fossil (NASDAQ: FOSL) traded higher on Tuesday after the company reported earnings. Fossil shares rallied as much as four percent before pulling back somewhat later in the session.
Fossil reported fourth quarter earnings of $2.27, more than the $2.26 estimate. Revenue came in at $947.7 million -- greater than the $930.43 million analyst expectation.
Still, Fossil's guidance wasn't the best. For the first quarter, Fossil guided earnings per share in the range of $0.93-0.98, less than the $1.04 estimate. For the full fiscal 2013 year, Fossil said it expected to report $5.85-6.15, less than the $6.13 estimate. Overall, Fossil said it was anticipating sales to increase 10-11 percent.
Following the report, analysts at Piper Jaffray raised their price target on the company from $87 to $109. Yet, the analysts reiterated their Neutral rating.
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