Piper Jaffray analyst Gene Munster reiterated a an Overweight rating and lifted his price target on Vipshop Holdings (NYSE: VIPS) to $224.00 (from $207.00) following strong Q1 results and Q2 guidance.

Munster commented, "We view Vipshop's strong Q1 report and Q2 guide as another proof point in the company's path to becoming the leading discount retailer in China. We believe the company's planned warehouse expansion (doubling space by 2016) will enable the company to continue to support continued rapid growth as VIPS continues to penetrate new customers. As with last quarter, we note VIPS~$8.4 billion market cap is still small compared to T.J. Maxx's (TJX) $42 billion market cap. Putting a healthy discount on TJX's market cap to reflect that VIPS is only in China still suggests upside to shares of VIPS."

The firm lifted FY 2014 EPS from $1.79 to $1.81 and FY 2015 EPS from $3.12 to $3.16.

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 $164.46 yesterday.