UPDATE: Bank Of America Downgrades Fossil

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Analysts at Bank of America downgraded Fossil Group Inc FOSL from Neutral to Underperform and set a $100 price target. Fossil produces and distributes fashion accessories such as watches, jewelry and handbags.

Bank of America analysts expressed their concern that Fossil’s growth trajectory is slowing. Fossil’s Q3 2014 earnings report released in November showed 10.4 percent year-over-year revenue growth for the quarter.

Modest Downside

Fossil stock was recently down 1.2 percent at $105.90. Bank of America’s $100 price target represents a 5.6 percent downside for the stock from current levels. The stock is down more than 11 percent in the past year.

Insider Selling

In December of 2014, Fossil directors Jal Shroff and Elysia Holt Ragusa both sold shares of the company’s stock. Ragusa sold $104,780.00 worth at a price of $106.16. Shroff sold more than $3.2 million worth at prices ranging from $106.38 to $107.37.

Other Analyst Action

In December, Goldman Sachs initiated coverage of Fossil at Neutral and set a $113 price target. Cowen and Company also initiated coverage of Fossil in December at Outperform and set a $135 target. In November, Zacks analysts reiterated a Neutral rating and set a $115 target.

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Posted In: Analyst ColorShort IdeasDowngradesPrice TargetAnalyst RatingsTrading IdeasBank of America
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