UPDATE: J.P. Morgan Raises PT on Fossil to $110

J.P. Morgan is out with its report today on Fossil

, raising its PT from $100 to $110. In a note to clients, J.P. Morgan writes, "FOSL is trading at 22x our 2011 EPS estimate and 12.5x EV/EBITDA, above our specialty retail universe at 17x and 7.5x, respectively. We are raising our December 2011 price target to $110 (from $100) which is based on 19x our 2012 EPS estimate (previously 17x our 2012 estimate) which we think is fair given that other rapid international growth companies are trading at a similar multiple and ahead of where the average large-cap specialty retailers are currently trading (at a P/E of 18.5x). The company's balance sheet is clean with $5.00 in cash/share at the end of 1Q11 and virtually no debt." Shares of FOSL closed Thursday at $104.98, up 2.79% from Wednesday's close.