Nomura analyst Simeon Siegel says Fossil (FOSL) last night suggested trends continue to decelerate while lowering its guidance and pointing to "meaningful" sales declines. Even with the stock being down 44% year-to-date, the analyst does not see a reason to own the name. While jewelry has offset weaker watch sales, Fossil does not own the licenses for some of its newest brands, like Kate Spade (KATE) and Tory Burch, Siegel points out. He sees "multiple overhangs" on shares of Fossil and cut his price target for the stock to $56. Siegel keeps a Neutral rating on the name.