Fossil (FOSL) and Apple (AAPL) Watch Can Co-Exists, Jefferies Says

Jefferies analyst Randal Konik reiterated a Buy rating and $140 price target on Fossil (NASDAQ: FOSL) amid news of the Apple (NASDAQ: AAPL) watch. The analyst believes they can co-exist.

Konik comments, "Look, the Apple Watch is cool, no doubt about that. So what does this mean for FOSL? We believe this product's addition to the watch realm creates a dynamic similar to that of jeans vs. "jeggings" - they can co-exist as they fill different needs, though the jegging has certainly disrupted the jean's fixture in consumers' wardrobes. With FOSL's multiple having compressed in anticipation of this event, we view risk/reward as attractive."

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 $102.92 yesterday.

You May Also Be Interested In

• Fossil Group to join Russell 2000 index on June 26
• Alaska Air (ALK) PT Raised to $62 at UBS on Updated Q2 Estimates
• ChargePoint Holdings Inc. (CHPT) PT Raised to $8 at UBS as Cost Discipline Improves