Jefferies reiterates their Buy rating on Fossil, Inc. (NASDAQ: FOSL) and lowers the target price to $115 (from $130) after worse than expected currency headwinds. The 1Q results were largely in line with expectations, and their portfolio strategy is working with some solid momentum abroad. The portfolio of brands provide a baseline stability with potential for long-term growth.

Jefferies analyst Randal Konik said that, "We are particularly positive on the kate spade & Tory Burch additions, which we think support a "lifestyle" fashion edge that is competitively advantageous, particularly against the smartwatch. Fossil maintains the third highest market share in the global watch market today and strategic advantages in global distribution, global infrastructure, supply chain & design create significant barriers to entry against FOSL's dominant positioning."

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 $86.46 yesterday.