UPDATE: Jefferies Raises PT on Fossil to $115 (FOSL)

Jefferies is out with its report today on Fossil

, raising its PT from $100 to $115. In a note to clients, Jefferies writes, "FOSL reports 1Q EPS on 5/10. We estimate EPS of 68c vs. Street at 66c and guidance of 62-65c. We are also initiating our FY'12E EPS estimate of $5.40 and raising our PT to $115 from a prior $100." Jefferies has a Buy rating on FOSL. Shares of FOSL closed Friday at $93.12, up 0.01% from Thursday's close.