UPDATE: Jefferies Raises PT to $22 on Vera Bradley Following Solid Q3 Results

Jefferies reiterated its Hold rating on Vera Bradley (NASDAQ: VRA) and raised its price target from $20 to $22.

Jefferies said, "We are pleased with an all around solid quarter at the company as it relates to topline and margins. Unfortunately, the outlook is a little lighter than we had anticipated, particularly as it relates to the revenue line. As such we expect shares to come under pressure and see risk/reward as balanced. … Although 3Q results were encouraging, 4Q remains more challenged indicating that there is still some choppiness in the business. If we can get a combination of cheaper valuation and stability in the business, we would be more constructive on the name. But for now, we prefer to stay on the sidelines."

Vera Bradley closed at $26.21 on Wednesday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.