UPDATE: Piper Jaffray Color on Fossil PT Increase

Piper Jaffray, which raised its PT on shares of Fossil FOSL, is providing some color on the stock. “We are reiterating our Overweight rating on FOSL shares and raising our price target from $110 to $146 in view of our estimation that accelerating growth in Asia will likely contribute to $10 in EPS in the next five years,” Piper Jaffray writes. “In addition to strong (and highly profitable) growth in Asia, we expect that investments being made in FY11 will begin to leverage in FY12, causing earnings growth to accelerate.” Fossil closed Friday at $156.67.