UPDATE: Piper Jaffray Downgrades Vera Bradley to Neutral, Lowers PT Following FQ1 Report

In a report published Thursday, Piper Jaffray analyst Neely J.N. Tamminga downgraded the rating on Vera Bradley (NASDAQ: VRA) from Overweight to Neutral, and lowered the price target from $32.00 to $24.00.In the report, Piper Jaffray noted, “In the belief that VRA, the stock (as opposed to Vera the company), will likely struggle to find new buyers in the wake of the company's CEO having announced his retirement while at the same time having open positions in the CFO and Chief Merchant roles, we are downgrading our rating on VRA shares from Overweight to Neutral following the company's FQ1 report. We would consider upgrading should the retail environment improve and/or our checks on specific Vera Bradley sell throughs point to marked reacceleration. In the meantime, we are very supportive of the company's longer-term strategy of migrating from wholesale to retail in an aim to improve margins and reach.”Vera Bradley closed on Wednesday at $22.46.