NEW YORK (AP) — Shares of Fossil Group dipped before the market open on Friday as an analyst lowered the company's rating, saying the watch seller could be hurt this year by increased interest in wearable technology. Edward Yruma of KeyBanc Capital Markets said in a client note that wearable technology — such as fitness monitors and smart watches — may be popular in 2014 and 2015. This could hurt Fossil because the company is a player in the traditional watch market. Fossil also sells handbags and other accessories. While the analyst said Fossil is well run and has the premium portfolio of licensed watch brands, he anticipates that there could be limited upside to earnings due to an ongoing slowdown in the U.S. wholesale market and continued investments in Asia . Yruma cut Fossil to "Underweight" from "Hold" and established a $100 price target. A Fossil representative did not immediately respond to an email seeking comment. Fossil Group Inc.'s stock shed 50 cents to $118.82 in premarket trading.
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