Fossil Group stock price target raised to $32 from $25 at KeyBanc Capital
Fossil Group stock price target raised to $32 from $25 at KeyBanc Capital
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$23.70 | 1.82 | 8.32% | 1.82 8.32% |
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Fossil Group stock price target raised to $32 from $25 at KeyBanc Capital
Fossil price target raised to $17 from $13 at Instinet
Shares of Fossil Group Inc. closed 12.8% higher after the company posted a first-quarter loss that wasn't as steep as analysts had been expecting. Fossil reported a first-quarter net loss of $48.3 million, or 99 cents a share, whereas it lost $48.2 million, or $1.00 a share, a year earlier. Analysts had been expecting a loss per share of $1.29, according to FactSet. The company generated revenue of $569 million for the quarter, down from $582 million a year ago but ahead of the FactSet consensus estimate of $539.1 million. "This performance reflects the disciplined execution of our strategy which capitalizes on our strong design, innovation, distribution and operating capabilities," Chief Executive Kosta Kartsotis said in a release. Fossil's connected watch sales "nearly doubled" during the quarter. The company projects that revenue for the full year will fall 5% to 12% and that revenue for the current quarter will drop 4% to 11%. The stock is down 0.2% in after-hours trading. Fossil shares are down 4.2% over the past 12 months, while the S&P 500 has gained 11%.
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Fossil Group, Inc. engages in the design, marketing, and distribution of consumer fashion accessories. It operates through the following geographical segments: Americas, Europe, and Asia. Its products include men's and women's fashion watches, jewelry, handbags, small leather goods, belts, sunglasses, shoes, soft accessories and clothing which are sold through department stores, specialty retail locations, specialty watch and jewelry stores, owned retail and factory outlet stores, mass market stores, owned, and affiliate internet sites. The company was founded by Tom Kartsotis in 1984 and is headquartered in Richardson, TX. (See Full Profile)
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