Fossil Group (FOSL): Reiterating Market Perform, Expectations for 4Q May Be Too High - Cowen
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Cowen analyst, Oliver Chen, reiterated his Market Perform rating on shares of Fossil (NASDAQ: FOSL) after 2Q EPS beat on in-line sales partly offset by promotional / off-price usage on tough traffic & wholesale weakness as the traditional watch business is still under pressure.
The analyst believes the FY17 guide may be too optimistic if trends deteriorate or if the wearables rollout misses expectations in 4Q. No change to the price target of $30.
Shares of Fossil closed at $30.36 yesterday.
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