Piper Jaffray analyst Erinn Murphy lowered her price target on Fossil (NASDAQ: FOSL) to $142.00 (from $150.00) despite better-than-expected Q2 results and raised guidance. The firm maintained a Overweight rating.

Murphy notes that on the call, managment indicated heavy infrastructural investment will begin to wane in Q3 and she views this as a positive sign for ongoing leverage starting in Q4 and beyond.

"Overall, we believe FOSL is executing well in a challenging environment, have conviction in our estimates and would add to positions," the analyst said.

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 $102.25 yesterday.