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Fly News Breaks for December 18, 2015
KORS, FOSL
Dec 18, 2015 | 05:43 EDT
Goldman Sachs analyst Lindsay Drucker Mann downgraded Fossil Group to Sell on expectations the company's sales and earnings will miss expectations. Shares are at risk of continued downward pressure despite dropping 65% year-to-date, Mann tells investors in a research note. She sees the end of a multi-year fashion watch trend and the rise of smartwatches as headwinds for the company. Further, momentum in the Michael Kors (KORS) brand, Fossil's "most important licensed watch brand," has slowed, Mann contends. The analyst cut her price target for the shares to $26 from $38. Fossil closed yesterday down 34c to $37.80.
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