Wunderlich Securities Believes Vera Bradley Needs Time To Settle

In a report published Tuesday, Wunderlich Securities analyst Eric Beder reiterated a Hold rating and $15.00 price target on

. In the report, Wunderlich Securities noted, "We are reiterating our Hold rating, $15 PT, and FY16 and FY17 projections after meeting with Vera Bradley (VRA) management in New York City and reviewing the new, on-point fashionable offerings, new emotionally connecting marketing campaign, novel elevated store format, and the reiteration of existing initiatives to attract new customers to the brands. "We believe that management is making the correct choices to try to expand the customer base, widen top-line and bottom-line results, and elevate the brand. However, like any brand evolution, customer response to the progress will take some time and the material moving pieces at the company will ensure that the turn will take time. As such, while we agree with management's direction and the changes, we see no reason to be aggressive." Vera Bradley closed on Monday at $16.31.