Vipshop Holdings (NYSE: VIPS) released preliminary 3Q15 revenue to be up 61-63% YoY, 6% below previous guidance and Street.

Jefferies published a report citing possible reasons for the miss. Analyst, Cynthia Meng noted that her latest checks indicate that variations of competitors including offline outlets, niche players focusing on female segments, BABA and JD’s faster lower tier market expansion may have caused slower growth.

Jefferies revised down estimates and expects the Street to follow. Due to lower estimates, her PT was revised down by 34.3% to $23. Maintain Buy on valuation and growth profile.

For an analyst ratings summary and ratings history on Vipshop Holdings click here. For more ratings news on Vipshop Holdings click here.

Shares of Vipshop Holdings closed at $13.60 yesterday.