Vera Bradley (VRA) PT Lowered to $9 at Cowen

Cowen analyst Oliver Chen lowered the price target on Vera Bradley (NASDAQ: VRA) to $9.00 (from $10.00) while maintaining an Outperform rating.

The analyst commented, "Robust Margins But Slightly Lower Revenue vs. Estimates. EPS beat Street by +6c on SG&A leverage, partially offset by lower than expected V.B. Direct and Pura Vida revenues. Encouragingly, gross margins expanded ~+100bps on mask sales & lower promotions; better store conversion helped drive -19.1% VB Direct comp as we estimate traffic was down -20 to -30%."

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