Fossil (NASDAQ: FOSL) is set to report its first quarter results on Tuesday after market close. Analysts are expecting the consumer fashion accessories designer to earn $1.17 per share on revenue of $771.6 million.

Fossil reported strong fourth quarter results on February 11. The company earned $2.68 per share, beating the consensus estimate by $0.24. Revenue of $1.06 billion topped what analysts were excepting by $40 million.

Fossil saw strong momentum in North American wholesale segment, but slower traffic in U.S. stores which was offset by a strong performance in Asia and Europe.

During Fossil's fourth quarter results, the company guided its first quarter earnings per share to be in a range of $1.10 to $1.18.

During the quarter, Fossil announced it will collaborate with Google to launch an Android Wear line of clothing and wearable products.

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Benchmark: Timely Upgrade

Ronald Bookbinder of Benchmark Capital upgraded shares of Fossil from Hold to Buy on Monday given what is likely to be a solid in-line to slight beat quarter.

“We expect Michael Kors to continue to perform very well and we estimate Michael Kors is approximately 15 percent of revenue,” Bookbinder wrote. “We also expect strong international sales and gross margin improvement.”

Bookbinder is expecting Fossil to announce that it continued to buyback shares during the quarter, which could add upside to the company's earnings.

Bookbinder is projecting Fossil to earn $1.18 per share.

Shares are Buy rated with a $125 price target.

Topeka: Another Solid Quarter

In a brief note to clients, Dorothy Lakner of Topeka Capital Markets believes that Fossil will report another solid quarter, benefiting from the company's “powerhouse” portfolio.

Lakner believes that consumers continue to seek out accessories ,such as watches and jewelry. This bodes well for a global brand like Fossil.

“Fossil is, in our view, well positioned in the market place,” Lakner wrote in a note to clients on Monday.

Lakner is projecting Fossil to earn $1.18 per share on revenue of $770.0 million.

Shares are Buy rated with a $150 price target.