Fossil Group Stock Rating Reaffirmed by Zacks (FOSL)
Fossil Group (NASDAQ:FOSL)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Thursday. They currently have a $101.00 target price on the stock. Zacks‘s price target points to a potential upside of 4.61% from the company’s current price.
Zacks’ analyst wrote, “Fossil’s second quarter 2014 earnings of $0.98 per share beat the Zacks Consensus Estimate by 2.1%. However, it declined significantly from the prior-year earnings of $1.15 per share as planned increases in operating expenses more than offset the benefit of higher sales and lower share count. Net sales of $773.8 million managed to beat the Zacks Consensus Estimate by a slight margin, but increased 10% from the prior-year sales results, driven by growth in the multi-brand global watch portfolio and favorable currency translation. The company also witnessed 19% gain in jewelry, which made up for the sales decline in the leather business. Overall, we are encouraged by Fossil and Skagen brands, which have strengthened the company’s watch portfolio. The company targets further expansion of the Fossil brand in 2014 and intends to improve leather assortment. However, high promotional activity in the leather business and increased competition from Apple’s smart watches are expected to remain headwinds. “
A number of other analysts have also recently weighed in on FOSL. Analysts at Piper Jaffray reiterated an “overweight” rating on shares of Fossil Group in a research note on Wednesday. Separately, analysts at Sterne Agee cut their price target on shares of Fossil Group from $115.00 to $108.00 in a research note on Monday. Finally, analysts at Nomura reiterated a “neutral” rating on shares of Fossil Group in a research note on Friday, August 8th. They now have a $104.00 price target on the stock, down previously from $114.00. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. Fossil Group currently has an average rating of “Buy” and an average price target of $121.33.
Fossil Group (NASDAQ:FOSL) traded up 0.53% during mid-day trading on Thursday, hitting $97.06. 585,392 shares of the company’s stock traded hands. Fossil Group has a 52 week low of $95.25 and a 52 week high of $134.99. The stock has a 50-day moving average of $101.9 and a 200-day moving average of $108.7. The company has a market cap of $5.194 billion and a P/E ratio of 14.60. Fossil Group also was the recipient of some unusual options trading on Monday. Investors bought 8,781 call options on the stock. This represents an increase of approximately 1,115% compared to the typical daily volume of 723 call options.
Fossil Group (NASDAQ:FOSL) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.98 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.96 by $0.02. The company had revenue of $773.80 million for the quarter, compared to the consensus estimate of $771.01 million. Analysts expect that Fossil Group will post $7.13 EPS for the current fiscal year.
Fossil Group, Inc, formerly Fossil, Inc, a global designer, marketer and distributer company that specializes in consumer fashion accessories.
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