Fossil (FOSL): Swiss Watch Exports Fall 6% in September - Piper Jaffray
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Piper Jaffray analyst Erinn Murphy weighed in on Fossil (NASDAQ: FOSL) after Swiss watch export data showed a 6% year-over-year decline in September.
Murphy commented, "While this rate is an improvement from the -9% decline achieved in August, the decline marks the 15th consecutive month of falling exports. Country trends were mixed, with continued deteriorated most notably coming from Hong Kong. Trends in the U.S. turned positive, up +5%, which compares to the -12% in August. HK remained weak--down -40%, representing the largest decline since turning negative in February 2015, 20 months ago. Japan turned positive and was up +9% while Germany and France were down -21% and -22%, respectively. The UK trended positive during the month, tracking up +32% Y/Y, its largest gain since June 2015 (+35%), and what we believe is currency related. China was -1% compared to +29% in August."
The firm maintained an Underweight rating and price target of $25 on FOSL.
Shares of Fossil closed at $28.62 yesterday.
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