UPDATE: Jefferies Downgrades Vera Bradley; Lowers PT

According to a research report published this morning, Jefferies has downgraded Vera Bradley

from Buy to Hold, and lowered PT from $45 to $25. In the report, Jefferies said, "This downgrade is simple: sales are slowing and margins are not expanding which is not a good sign for a growth story. While we are admittedly late to call this one and have been wrong thus far, we are still choosing to take the hit now as we see few catalysts to get the stock moving in the near term." Vera Bradley is currently trading at $20.18.