UPDATE: J.P. Morgan Downgrades Fossil; Lowers PT

According to a research report published this morning, J.P. Morgan has downgraded Fossil

from Overweight to Neutral, and lowered PT from $138 to $88. J.P. Morgan commented in the report, "Despite the 38% decline in shares post Q1 earnings yesterday, we are downgrading FOSL to Neutral from OW as we see little on the horizon to move shares materially higher over the next 6-9 months. We believe that the FOSL story remains compelling longer term and is by no means broken; however, we feel the business is currently in a period of transition. Growth rates are decelerating, margins are compressing and the set-up has now shifted from that of a “beat and raise” to a “show me” story." Fossil is currently trading at $80.73.