Analyst Upgrades: Urban Outfitters, Fossil Group, QUALCOMM

Analysts are weighing in today on retailer Urban Outfitters, Inc. (NASDAQ:URBN), watchmaker Fossil Group Inc (NASDAQ:FOSL), and communications expert QUALCOMM, Inc. (NASDAQ:QCOM). Here's a quick roundup of today's bullish brokerage notes on URBN, FOSL, and QCOM.

• In contrast to recent history, URBN is poised to jumped nearly 6% out of the gate, following a fourth-quarter earnings beat and series of bullish brokerage notes. Specifically, no fewer than 14 analysts upped their price targets on the equity, while Janney and William Blair upgraded it to the equivalent of a "buy," with both brokerage firms providing an upbeat outlook on gross margin expansion. On the charts, Urban Outfitters, Inc. has started 2015 on a strong note, adding 12.5% to trade at $39.51, and this morning's positive news could lift the shares past their record high of $40.67, tagged last August. Should that happen, short sellers could start to feel the heat. More than 9% of URBN's float is sold short, which would take roughly six sessions to repurchase, at the stock's average daily trading levels.


• FOSL has been skidding in recent weeks following a lackluster earnings report and subsequent round of bearish brokerage notes. In fact, since the stock's Feb. 17 close at $99.32 prior to earnings, Fossil Group Inc has dropped 18.8% to rest at $80.68 -- and, at one point, touched a two-year low of $79.85. While yesterday's Apple Watch debut presents yet another potential challenge, Jefferies said the smartwatch threat is overstated, and reiterated a "buy" recommendation and $130 price target on FOSL. Not everyone's that confident in the shares, though. In fact, two-thirds of covering analysts have doled out "hold" or worse ratings on FOSL, and more than 14% of its float is sold short.


• Finally, QCOM is receiving plenty of positive analyst attention, after announcing a $15 billion stock buyback and increased dividend. Specifically, no fewer than six analysts boosted their price targets on the shares, with both Canaccord Genuity and Brean Capital lifting their targets to $87 -- representing a nearly 20% premium to last night's close at $72.71, and territory not charted in 15 years. Accordingly, QUALCOMM, Inc. is perched about 2% higher in premarket trading, potentially setting up a run at the security's year-to-date breakeven mark today. Elsewhere, QCOM call buying has picked up at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), per the stock's 10-day call/put volume ratio of 3.99 -- which ranks in the 89th percentile of its annual range.