Fossil Group, Inc. to Acquire Wearable Technology Innovator Misfit
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Fossil Group (FOSL) Announces Misfit Inc. Acquisition Along Side 3Q Miss; Nomura Securities Cuts Price Target to $40
November 13, 2015 8:30 AM ESTNomura Securities reiterated a Neutral rating on Fossil (NASDAQ: FOSL), and cut the price target to $40.00, following the company's 3Q report. Watch sales remain under pressure, a fact not helped by KORSs prior success. Management noted that excluding KORS decline, watch sales were flat on a constant... More
Fossil Group (FOSL) Misses already Negative 3Q Expectations; Piper Jaffray Cuts Price Target to $25
November 13, 2015 8:17 AM ESTPiper Jaffray Reiterated an Underweight rating on Fossil (NASDAQ: FOSL), and cut the price target to $25.00 (from $46.00), following a negative 3Q. Results for the company's 3Q came in below the already negative expectations. FOSL reported Q3 sales down 14% Y/Y to $771M, below the Street at $795M. Q3 EPS was $1.19... More
Fossil's (FOSL) Price Target Slashed to $33 at BofA/Merrill Lynch
November 13, 2015 7:51 AM ESTBofA/Merrill Lynch maintained an Underperform rating on Fossil (NASDAQ: FOSL) and lowered its price target to $33.00 (from $51.00). 2015, '16, '17 EPS estimates were lowered to $4.35, $3.25, and $3.94, respectively (from $5.24, $5.12, $5.51). The change follows disappointing Q3 results.
Analyst said they were maintaining their Underperform rating on... More
Fossil (FOSL) Best in Class but the Class is Shrinking - Cowen
November 13, 2015 7:44 AM ESTCowen analyst, Oliver Chen, published a note on Fossil (NASDAQ: FOSL) following results noting the worrisome state of watches.
Mgmt commented that traditional watch category growth remains sluggish as smartwatches/wearables continue to disrupt the space, while tough compares from outsized success of the Michael Kors brand also weighed on FOSL's performance in 3Q. In wholesale, mgmt noted trends were down y/y, largely driven by continued softness at... More
Fossil (FOSL) PT Cut to $44 at Mizuho
November 13, 2015 6:56 AM ESTMizuho 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... More
Fossil Group (FOSL) Tops Q3 EPS by 6c; Enters Agreement to Acquire Misfit
November 12, 2015 4:04 PM ESTFossil Group (NASDAQ: FOSL) reported Q3 EPS of $1.19, $0.06 better than the analyst estimate of $1.13. Revenue for the quarter came in at $771 million versus the consensus estimate of $793.72 million.
Guidance:
Fossil Group sees FY2016 EPS of $5.60-$6.20, versus the consensus of $5.32.
Acquisition:
Fossil also announced that it has entered into a definitive agreement to acquire Misfit, Inc., an innovator in wearable technology and stylish connected devices. The acquisition will enable Fossil Group to expand its addressable market, offering consumers both traditional timepieces and fashionable connected accessories. Misfit brings to... More
