We are reiterating our Buy rating, projections and $10 price target after visiting Vera Bradley stores in Connecticut and Long Island. We believe the company has continued to evolve Vera Bradley offerings and promotions, driving earlier consumer spending and allowing the company to become increasingly more strategic as the Holiday season rolls ahead. Further, with a compelling series of collaboration driven items, new fabrics (leather) and looks and a materially more returns-driven series of product flows and logistics, Vera Bradley is well positioned to end the Holiday season with clean stores and fresh inventory for the Spring selling season. As such, we remain impressed with the changes in the Vera Bradley business model under CEO Jacqueline Ardrey and her team and reiterate our Buy rating and $10 price target.
