UPDATE: Jefferies Reduces PT to $115 on Fossil Following Q2 Results

Jefferies reiterated its Buy rating on Fossil

and lowered its price target from $130 to $115. Jefferies said, "2Q results were solid with good sales trends and better than expected margins. Topline strength was broad-based with DD% growth across all segments. Looking forward to 2H, FOSL will face easing compares on both the topline and margin side which should help drive results. FOSL is still an attractive growth story with margin tailwinds, a strong product cycle (watches), and near monopoly status." Fossil closed at $68.79 on Tuesday.