UPDATE: Benchmark Upgrades Fossil to Buy Rating; Lowers PT
According to a research report this morning, Benchmark upgrades Fossil (NASDAQ: FOSL) from Hold to Buy rating and lowers the PT from $130 to $100 following the Skagen acquisition.
Benchmark stated, “The Company lowered 2012 guidance by $0.17, or 3%, excluding Skagen, on softness in Europe and a poor response to Jewelry, and the shares dropped dramatically, down 37.6%. Guidance, including Skagen but excluding the acquisition fees, actually increased $0.05. We believe this is a Company that is led by a talented management team, has a strong balance sheet, expected free cash flow of $100 million, and growth vehicles from Skagen and emerging markets.”
Fossil closed yesterday at $78.52.
Latest Ratings for FOSL
|Feb 2017||Wells Fargo||Downgrades||Market Perform||Underperform|
|Feb 2017||Evercore ISI Group||Downgrades||Buy||Hold|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.