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Fly News Breaks for August 9, 2017
FOSL
Aug 9, 2017 | 08:50 EDT
BofA/Merrill analyst Heather Blasky lowered Fossil's price target to $7 from $10 saying weak traditional watch sales continued to offset wearables growth as Q2 revenues missed across all regions. The analyst said gross margin erosion moderated but promotional activity remains elevated and he is concerned about deflationary pressures. Blasky reiterated his Underperform rating and the company is not immune to the "waning" watch cycle.
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