UPDATE: Keybanc Downgrades Vera Bradley, Removes PT

According to a research report published today, Keybanc has downgraded Vera Bradley

shares from Buy to Hold, and has removed its $44 PT. Keybanc explained in the report, “We think that Vera Bradley, Inc. (VRA-NASDAQ) has one of the most compelling long-term wholesale-to-retail stores within our coverage, but the recent stock performance and our near-term margin concerns move us to the sidelines. Since our initiation at BUY on November 30, 2010, VRA has risen 18.7% vs. 14.9% for the S&P 500 over the same time frame. Vera Bradley has, in our opinion, a unique lifestyle brand and a significant new store opportunity (56 stores today, 14-20 new stores per annum).” Vera Bradley closed yesterday at $36.80.