UPDATE: Jefferies Color on Fossil PT Increase

Jefferies, which raised its PT on shares of Fossil FOSL, is providing some color on the stock. “FOSL presented at the Jefferies 2011 Global Consumer Conference on 6/22/11,” Jefferies writes. “Management's tone was positive, and gave us even more confidence in the long term story. We continue to view this as a best in class company that is still in the early innings of a strong product trend and has significant visibility for sales and margin expansion going forward.” Fossil closed Wednesday at $112.43.