Vipshop Holdings (VIPS) PT Lowered to $20.80 at Jefferies

Jefferies analyst Thomas Chong lowered the price target on Vipshop Holdings (NYSE: VIPS) to $20.80 (from $21.30) while maintaining a Buy rating.

The analyst comments "VIPS reported 1Q results. Management highlights GMV for apparels category maintains positive YoY growth QTD in 2Q while standardized products experience softness on competition. Its highly engaging SVIP customers continue to grow in scale backed by its strong merchandising capabilities. We adjust full year revenue estimates and expect non-GAAP earnings to be similar to last year. Share repurchase and dividends reflect confidence in outlook. Maintain Buy."

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