UPDATE: Piper Jaffray Reduces PT to $32 on Vera Bradley on Macro Headwinds

Piper Jaffray reiterated its Overweight rating on Vera Bradley

but reduced its price target from $50 to $32. Piper Jaffray said, "VRA shares present investors with a unique opportunity to participate in what we believe is a real-time evolution of a company and brand from thinking like a wholesaler to now acting like a retailer--an evolution that will result in sales growth and margin expansion. Though current "comp" trends were not specifically offered on the call this afternoon, we believe "comps" have been 1) higher-than-projected +MSD% guidance offered for FQ3; and 2) consistently tracking at these higher-than-guided levels for the past 7+ weeks since the launch of Fall/Back-ToCollege. The "rub" on the stock is VRA having lowered its FY13 outlook owing to what appears to be a potential macro headwind concern as opposed to a real fundamental concern being experienced. W Vera Bradley closed at $23.62 on Wednesday.