JPMorgan Downgrades Baozun (BZUN) to Underweight
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JPMorgan analyst Andre Chang downgraded Baozun (NASDAQ: BZUN) from Overweight to Underweight with a price target of $5.00 (from $18.00).
The analyst comments "We downgrade Baozun to UW with a new Dec-22 PT of US$5 (23% potential downside). While we still believe Baozun’s long-term value could be significantly higher than the current valuation, as the leading brand ecommerce solution provider with strong competitive advantages, its share price will be vulnerable in the near term, as: 1) the less-thanUS$500m market cap now can't attract new investors in this environment; and 2) its brands customers are largely leading apparel/electronics brands (international and domestic), whose demand will be more discretionary and may suffer from the potential disappointment of a domestic consumption slowdown."
Shares of Baozun closed at $6.49 yesterday.
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