Citi analyst Alicia Yap upgraded Vipshop to Buy from Neutral with a price target of $20, up from $18. The company reported a solid Q3 and the Q4 sales guidance reflects management’s conservative style following a warmer October that negatively impacted apparel demand, the analyst tells investors in a research note. The firm says that following several quarters of decent improvement in operating/net margins, Vipshop sounded confident that 2024 margins will still have room to improve as it further enhances operation efficiency.
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