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Fossil Group (FOSL) Stock Gets Rating Upgrade at KeyBanc

NEW YORK (TheStreet) -- Fossil Group (FOSL - Get Report) was upgraded to "sector weight" from "underweight" at KeyBanc on Thursday morning.

Although the firm reiterated its largely "downbeat" view of the watch industry, of which Fossil Group is a part, it noted that the company remains "dominant" within the market, with a number of watch and non-watch growth levers.

"We think that demand creation activity, new products, and investments in omnichannel can drive growth that can help offset weakness in watches," KeyBanc said in analyst note.

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The firm also mentioned that it recently viewed Fossil's first generation wearables, which includes a smartwatch, and was "impressed."

Shares of Fossil are sliding by 0.52% to $61.69 in early morning trading today.

Fossil Group, based in Richardson, Texas, is a global designer, marketer and distributor company that specializes in consumer fashion accessories such as men's and women's watches and jewelry, handbags, small leather goods, belts and sunglasses.

Separately, TheStreet Ratings team rates FOSSIL...