KeyBanc Upgrades Vera Bradley (VRA) to Buy; Current Valuation Doesn't Reflect Growth

KeyBanc upgraded Vera Bradley (NASDAQ: VRA) from Hold to Buy with a price target of $26.00.

Analyst, Edward Yruma, said, "Since our downgrade on March 6, 2012, the stock has declined 47% (vs. 6% for the S&P 500). Our original holding on our downgrade was that indirect growth would slow given growth in the owned retail business. We think this phenomenon has come to pass and is adequately reflected in the current valuation. We also believe that the Company has been taking the right steps to ensure long-term inventory quality; we believe that both owned as well as channel inventory remains manageable. We think the current valuation does not adequately reflect the meaningful growth opportunity in owned retail."

For an analyst ratings summary and ratings history on Vera Bradley click here. For more ratings news on Vera Bradley click here.

Shares of Vera Bradley closed at $20.20 yesterday.

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