Jefferies Cuts Price Target on Fossil Group (FOSL) to $24
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Jefferies maintained a Hold rating on Fossil Group (NASDAQ: FOSL), and cut the price target to $24.00 (from $29.00), following the company's 3Q earnings report.
Analyst Randal Konik commented, "While 3Q beat, it marked another overall challenging quarter. Improvement in watch revs is encouraging, with a positive tone around new wearables product. However, with the key selling period still ahead, the go fwd guidance range is wide, implying the next test is the ability to sell through these new products. Therefore, we remain guarded in our NT outlook and see EPS bias to the downside. Reducing ests., lowering PT to $24."
Shares of Fossil closed at $24.71 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings, Randal Konik
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