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LIZ remains one of our top longs for 2012. As such, with Trade support broken, we view this morning’s drawdown as a buying opportunity as the stock nears its intermediate term TREND support of $11.58 based on Keith’s quantitative levels.

As a reminder, while LIZ’s 1Q12 earnings came in light, top line strength exceeded expectations with April-to-date comps suggesting an acceleration in underlying demand at Kate Spade and Lucky. In addition, with FOSL results out this morning suggesting accelerated weakness in European jewelry sales, we remind investors that while LIZ has nearly 20% of sales generated in international markets, less than half of that is derived in Europe. No change to our thesis here- LIZ remains on track to double in 2012.

See our 4/26 note "LIZ: On Track to Double Again" for additional detail on our thesis and thoughts headed out of the quarter. 

LIZ: Top Long - LIZ TTT