UPDATE: Topeka Initiates Fossil with Buy on Dynamic Brands Portfolio

In a report published Friday, Topeka Capital Markets analyst Dorothy S. Lakner initiated coverage on Fossil (NASDAQ: FOSL) with a Buy rating and $112.00 price target.In the report, Lakner noted, “We are initiating coverage of FOSL with a Buy rating and a price target of $112, given its globally recognized portfolio of brands with double-digit top-and bottom-line growth. Fossil's dynamic portfolio of brands sells globally with shorter lead times, greater transportability and far less obsolescence than apparel, as well as at higher margins—portable, predictable and profitable. FOSL's long and consistent track record of success gives us confidence that it can continue to grow its portfolio of brands as it builds a higher margin retail store base and continues to expand in higher-margin Asia.”Fossil closed on Thursday at $96.50.