Fossil (NASDAQ:FOSL) was upgraded by equities researchers at Piper Jaffray Cos. from a “neutral” rating to an “overweight” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $147.00 target price on the stock, up from their previous target price of $121.00. Piper Jaffray Cos.’s target price suggests a potential upside of 18.35% from the stock’s previous close.
The analysts wrote, “We are raising estimates, increasing our price target to $147 and upgrading shares of FOSL from Neutral to Overweight tied to our belief that sales catalysts are accelerating, and margins are at a positive inflection point. We believe FOSL is benefiting from a solid watch cycle, an evolving portfolio of global lifestyle brands (several rank well in our Teen Survey), macro-economic recovery in Europe (28% of sales) and expanding global distribution, in particular in Asia. From a margin perspective, we believe op margins over time can be in excess of 20% (from ~17% today). Separately, with earnings consistency (and potential outperformance), FOSL’s multiple could expand.”
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Fossil in a research note to investors on Friday, September 27th. They now have a $122.00 price target on the stock. Separately, analysts at Nomura initiated coverage on shares of Fossil in a research note to investors on Monday, September 9th. They set a “neutral” rating and a $114.00 price target on the stock. Finally, analysts at Oppenheimer raised their price target on shares of Fossil from $98.00 to $120.00 in a research note to investors on Wednesday, August 7th. They now have a “market perform” rating on the stock. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $115.88.
Fossil (NASDAQ:FOSL) traded up 1.22% during mid-day trading on Wednesday, hitting $125.72. The stock had a trading volume of 434,385 shares. Fossil has a one year low of $78.75 and a one year high of $129.25. The stock’s 50-day moving average is $116.1 and its 200-day moving average is $105.9. The company has a market cap of $7.099 billion and a price-to-earnings ratio of 20.26.
Fossil (NASDAQ:FOSL) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.10 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.93 by $0.17. The company had revenue of $706.00 million for the quarter, compared to the consensus estimate of $691.20 million. During the same quarter in the previous year, the company posted $0.92 earnings per share. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, analysts predict that Fossil will post $6.30 earnings per share for the current fiscal year.
Fossil Group, Inc, formerly Fossil, Inc, a global designer, marketer and distributer company that specializes in consumer fashion accessories.
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