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Vera Bradley shares fall on weak 1st-quarter outlook
(Reuters) - Shares of handbag maker Vera Bradley Inc (VRA.O) fell as much as 11 percent on Thursday, after the company's outlook for its first-quarter profit, based on softer-than-expected spring selling trends, failed to meet analysts' expectations.
On Wednesday, the company forecast first-quarter earnings of 27 cents to 29 cents a share, while analysts had expected 30 cents a share.
Jefferies analyst Randal Konik called the company's forecast "uninspiring" and cut his price target on the stock to $45 from $50, citing concerns of soft sales in the current quarter.
Konik, however, maintained his "buy" rating, saying that the company has a potential for good, long-term growth.
Shares of the Fort Wayne, Indiana-based company, which have risen nearly 10 percent so far this year, were down 9 percent at $33.86 on Thursday on the Nasdaq. They touched a low of $33.16 earlier.
(Reporting by Mihir Dalal and Ranjita Ganesan; Editing by Sreejiraj Eluvangal)
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