UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Vera Bradley Following Strong 2Q EPS Results

In a report published Thursday, Jefferies analyst Randal J. Konik reiterated a Buy rating on Vera Bradley VRA, but lowered the price target from $34.00 to $29.00. In the report, Jefferies noted, “VRA posted strong 2Q EPS results above expectations in a challenging retail environment. However, this good news was offset by a very negative outlook for the balance of FY'14. Looking ahead, we believe the brand remains differentiated, valuation is compelling, and the selection of a new CEO and stability in the management team should provide positive catalysts for the stock. Maintain Buy rating, taking PT to $29.” Vera Bradley closed on Wednesday at $19.45.