UPDATE: Jefferies Lowers PT on Tumi Following Lighter 2Q Results

In a report published Thursday, Jefferies analyst Randal J. Konik reiterated a Buy rating on Tumi TUMI, but lowered the price target from $29.00 to $28.00.

In the report, Jefferies noted, “TUMI posted slightly lighter than expected 2Q results and lowered the outlook for the remainder of 2013. While this will likely pressure the stock for now, we were encouraged by management's comments on improvement in trends in July and early August. Despite the bump in the road, we remain comfortable with long term story here from growing brand awareness and execution on a visible multi-channel growth strategy. Maintain Buy rating, PT to $28.”

Tumi closed on Wednesday at $25.44.