Fossil (FOSL) PT Cut to $44 at Mizuho
Mizuho Securities analyst Betty Chen reiterated a Neutral rating and lowered her price target on Fossil (NASDAQ: FOSL) to $44.00 (from $60.00) following lower guidance and the Misfit acquisition.
Chen commented, "We remain sidelined on shares of FOSL given a bleak outlook as headwinds from: (1) wearables and technology; (2) brand challenges (KORS 26% of sales); and (3) on-going macro and FX headwinds continue to plague the company. While we were encouraged by solid results in Skagen and Fossil brands and positive initial reaction to the Q connected product launch, lowered FY15 outlook and tepid watch interest per our Fall Handbag and Accessories Survey suggests near-term headwinds will prevail. Moreover, mixed investor reaction to the dilutive Misfit acquisition will likely keep shares pressured pending earnings visibility."
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 $51.01 yesterday.