Fossil’s “Neutral” Rating Reaffirmed at Zacks (FOSL)
Fossil (NASDAQ:FOSL)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Wednesday, ARN reports. They currently have a $123.00 price objective on the stock. Zacks‘ target price indicates a potential upside of 4.68% from the company’s current price.
Zacks‘ analyst wrote, “Fossil’s third quarter 2013 earnings of $1.58 per share exceeded the Zacks Consensus Estimate by 23.6% and the year-ago earnings by 25.0%. The earnings upside was aided by strong top line growth and gross margin expansion. Net sales increased 18.1% year over year and also exceeded the Zacks Consensus Estimate, driven by double-digit growth in global watch sales and improvement in jewelry and leather businesses in the quarter. The company raised its topline guidance for fiscal 2013 to reflect the continued momentum of the Fossil brand and new product launches in 2013. Overall, we are encouraged by Fossil’s acquisition of Skagen which has strengthened its European and other East Asian emerging market business. Fossil also plans to launch a new collection of watches in 2014. However, higher labor costs and currency fluctuations continue to remain a headwind. We thus maintain a Neutral recommendation on the stock. “
Fossil (NASDAQ:FOSL) traded up 0.07% on Wednesday, hitting $117.50. The stock had a trading volume of 757,213 shares. Fossil has a 1-year low of $89.50 and a 1-year high of $134.99. The stock’s 50-day moving average is $121.1 and its 200-day moving average is $118.8. The company has a market cap of $6.486 billion and a P/E ratio of 18.16.
Fossil (NASDAQ:FOSL) last released its earnings data on Tuesday, November 5th. The company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.22. The company had revenue of $810.00 million for the quarter, compared to the consensus estimate of $772.46 million. During the same quarter in the previous year, the company posted $1.26 earnings per share. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. Analysts expect that Fossil will post $6.33 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at KeyCorp downgraded shares of Fossil from a “hold” rating to an “underweight” rating in a research note to investors on Friday, January 10th. They now have a $100.00 price target on the stock. Separately, analysts at Ned Davis Research downgraded shares of Fossil from a “buy” rating to a “neutral” rating in a research note to investors on Monday, December 23rd. Finally, analysts at Piper Jaffray reiterated an “overweight” rating on shares of Fossil in a research note to investors on Thursday, November 14th. They now have a $147.00 price target on the stock. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. Fossil presently has a consensus rating of “Hold” and an average price target of $121.47.
Fossil Group, Inc, formerly Fossil, Inc, a global designer, marketer and distributer company that specializes in consumer fashion accessories.
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