UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Tumi Holdings on Soft 4Q Results

In a report published Friday, Jefferies analyst Randal J. Konik reiterated a Buy rating on Tumi Holdings

, but lowered the price target from $31.00 to $29.00. In the report, Konik noted, “TUMI posted slightly softer than expected 4Q results and guided below the Street for 2013. While 4Q SSS were solid, the company saw some margin pressure primarily from e-commerce investments. However, we believe these are prudent investments and remain comfortable with long term story here from growing brand awareness and executing on a visible multi-channel growth strategy. Reiterate Buy rating.” Tumi Holdings closed on Thursday at $23.84.