UPDATE: Jefferies Upgrades Vera Bradley to Buy Following Meeting with Management

Jefferies raised its rating on Vera Bradley

from Hold to Buy and increased its price target from $22 to $35. Jefferies noted, "Following recent meetings with mgmt, we are upgrading VRA as we expect topline improvement to continue and believe margins are at a positive inflection point. Meanwhile, the company is still in an early growth stage with room to more than quadruple its current store base. We believe sentiment is overly negative and view current valuation as compelling." Vera Bradley closed at $24.92 on Wednesday.