Jefferies Trims Numbers on Vera Bradley (VRA) Post Q1 & CEO News; 'Buy on Weakness'

June 6, 2013 8:21 AM EDT
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Price: $5.97 -1.49%

Rating Summary:
    4 Buy, 10 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 4 | Down: 15 | New: 18
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Jefferies reiterated a Buy rating on Vera Bradley (NASDAQ: VRA) post Q1 results and the CEO retirement but trimmed estimates and its price target from $35 to $34. The firm is a buyer on weakness.

Analyst Randal J. Konik comments, "1Q results met expectations in a difficult environment, but the outlook for the rest of FY'14 was uninspiring. However, following CEO Michael Ray's announcement to retire, we believe investors will welcome fresh perspective at the helm. Looking ahead, the brand remains differentiated, valuation is compelling, and against easier compares we see limited downside from here. We would be buyers on weakness."

The firm cut Q2 EPS estimate from $0.41 to $0.33 and FY 2013 EPS from $1.90 to $1.78.

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 $22.46 yesterday.

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