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Fossil (FOSL) Stock Falls, Jefferies Downgrades Price Target

NEW YORK (TheStreet) -- Shares of Fossil (FOSL - Get Report) are down 28.6% to $28.63 Wednesday afternoon as its price target was lowered to $32 from $40 and its "hold" rating maintained at Jefferies.

"Weaker than expected Q1 results showed that the watch craze has ended, department store sell-throughs are declining, and technology shifts continue to disrupt the market," Jefferies analysts said in an investor note.

After yesterday's market close, Fossil reported 2016 first quarter earnings of 12 cents per share, below analysts' expectations of 14 cents per share and down 84% from 75 cents per share in the 2015 first quarter. The company reported revenue fell 9% year-over-year to $659.8 million, lower than expectations of $668 million.

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