UPDATE: Benchmark Lowers PT on Fossil from $100 to $85

Benchmark reiterated a Buy rating on Fossil

and lowered its price target from $100 to $85. Benchmark wrote, “Fossil is expected to report Q2 results before the market open on Tuesday, August 7. We expect an in line performance for Q2 versus consensus of $0.78, which is at the middle of guidance of $0.77-$0.79 and includes $0.07 of Skagen transaction fees. Our Q2 EPS estimate is in line with consensus at $0.77, as the retailers continue to report strong revenue in accessories. Internationally, we believe Q2 was okay, with strength in Asia and Latin America and even growth in Europe.” Fossil closed at $68.43 on Friday.