UPDATE: Sterne Agee Upgrades Vera Bradley to Neutral, Reiterates $20 PT on More Positive Risk/Reward - Vera Bradley (NASDAQ:VRA)

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In a report published Friday, Sterne Agee analyst Ike Boruchow upgraded the rating on

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Vera Bradley

(NASDAQ: VRA) from Underperform to Neutral, and reiterated the $20.00 price target.In the report, Sterne Agee noted, “We are upgrading VRA from Underperform to Neutral as risk/reward is no longer as heavily skewed to the downside. VRA has been the worst performing stock in our specialty retail universe since we launched coverage on March 4 (down 20%), and we believe that valuation now better reflects the risks in VRA's business, while also balancing potential upside in a turnaround. Estimates and PT unchanged.”Vera Bradley closed on Thursday at $20.70.