UPDATE: JP Morgan Upgrades Vera Bradley to Overweight on Reduced Expectations and Valuation

JP Morgan raised its rating on Vera Bradley VRA from Neutral to Overweight and increased its price target from $24 to $30. JP Morgan noted, "We are upgrading shares of VRA to Overweight from Neutral and increase our PT to $30 (from $24) as we believe the stock set-up has turned extremely favorable as 1) management has lowered the bar by reducing their 2H outlook despite recent momentum in the business (“beat and raise” potential on the table), 2) fears regarding the wholesale channel remain elevated to a point that we believe if you buy the stock today you are getting the wholesale business for free." Vera Bradley closed at $24.45 on Tuesday.