Fossil Downgraded to Neutral at Citigroup Inc. (FOSL)

Fossil (NASDAQ:FOSL) was downgraded by investment analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The analysts noted that the move was a valuation call.

Shares of Fossil (NASDAQ:FOSL) traded down 2.72% during mid-day trading on Wednesday, hitting $123.11. 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 currently $108.. The company has a market cap of $7.223 billion and a P/E ratio of 21.50.

Fossil (NASDAQ:FOSL) last announced its earnings results on Tuesday, August 6th. The company reported $1.10 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.92 earnings per share. Fossil’s revenue was up 11.0% compared to the same quarter last year. On average, analysts predict that Fossil will post $6.17 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on FOSL. Analysts at Barclays Capital downgraded shares of Fossil from an “equal weight” rating to an “underweight” rating in a research note to investors on Monday. They now have a $100.00 price target on the stock, down previously from $115.00. Separately, analysts at Benchmark Co. raised their price target on shares of Fossil from $100.00 to $115.00 in a research note to investors on Monday. They now have a “hold” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Fossil in a research note to investors on Thursday, June 27th. They now have a $106.00 price target on the stock.

Three analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. Fossil has a consensus rating of “Hold” and a consensus price target of $106.79.

Fossil Group, Inc, formerly Fossil, Inc, a global designer, marketer and distributer company that specializes in consumer fashion accessories.