Benchmark Raises Price Target and Estimates on Fossil (FOSL) Given Another Solid Quarter

Benchmark is maintaining its Hold rating on shares of Fossil (NASDAQ: FOSL) as they are currently trading above the firms new price target of $100, which was raised from $87.

The company reported another solid quarter which topped the Street's estimates once again. The firm is raising its FY11 EPS estimate from $4.30 to $4.54 and its FY12 from $5.26 to $5.51.

Benchmark comments, "given that EPS appears should grow in the low 20% range, we believe a low 20’s P/E multiple may be appropriate for the stock."

For more ratings news on Fossil click here and for the rating history of Fossil click here.

Shares of Fossil closed at $105.97 yesterday.

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