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Fly News Breaks for August 18, 2015
KORS, COH, VRA
Aug 18, 2015 | 07:46 EDT
Jefferies analyst Randal Konik downgraded Vera Bradley (VRA) to Hold and lowered his price target for shares to $11 from $18. Consumers surveyed find the brand less appealing than they did a year ago, Konik tells investors in a research note. He believes Vera's fundamentals have shown little improvement since new management took over nearly two years ago. As such, the handbag maker's turnaround is likely to take longer than expected, the analyst writes. He coupled the downgrade with an upgrade of Coach (COH) to Buy. Konik also sees upside in shares of Michael Kors (KORS) and reiterates a Buy rating on the name.
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