Jefferies Sharply Raises Target on Fossil (FOSL) Ahead of Skagen Deal

Jefferies boosted estimates and its price target on Buy-rated Fossil (NASDAQ: FOSL) from $125 to $160 ahead of the Skagen acquisition completion.

"The watch cycle continues to be very robust, FOSL is a near monopoly in the watch category and we see strong global growth ahead especially in Asia. With margins and returns likely headed higher, we think EPS beats, the multiple expands, and the stock rises over the coming quarters."

Jeffereries raised Q1 EPS from $0.92 to $0.95 and FY12 from$5.50 to $5.75.

For an analyst ratings summary and ratings history on Fossil click here. For more ratings news on Fossil click here.

Shares of Fossil closed at $130.62 yesterday.

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