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Fly News Breaks for March 16, 2016
FOSL
Mar 16, 2016 | 06:44 EDT
Macquarie analyst Laurent Vasilescu downgraded Fossil to Underperform and maintained a $34 price target on shares. The analyst is concerned with 2016 business headwinds following the 10K release saying backlog is down 54%, finished inventories are up 5.4%, and accounts payable is up 31%. Vasilescu is concerned about increasing leverage and lowered estimate for out years based on revenues remaining flattish for the watch business.
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