BofA Securities analyst Joyce Ju lowered the price target on Vipshop Holdings (NYSE: VIPS) to $19.60 (from $23.60) while maintaining a Underperform rating.

The analyst comments "Primarily driven by the CNY holiday and solid pre-season winter apparel demand, VIPS saw an acceleration in apparel sales in 1Q, supporting GMV growth of 9% YoY and revenue growth of 1% YoY. However, trends softened notably since March. NBS data indicates a clear deceleration in apparel demand, with overall apparel retail growth slowing to 4% YoY in April (vs. 9% in 1Q). Online wearables growth similarly moderated to 7% YoY in 4M26, down from 12% in 1Q26. Mgmt. noted that company performance broadly tracked industry trends, with weaker seasonal transition demand in April, partly due to weather, further weighing on growth. Against this April softness, a high base for the May-June promotional season, and more disciplined regulatory guidance on largescale discounting and pricing practices, the company now guides revenue outlook to -5% to 0% YoY in 2Q, implying a sequential slowdown from 1Q’s 1% growth."