Citi ups Vipshop target, opens ‘positive catalyst watch’

Citi raised the firm’s price target on Vipshop to $21 from $20 and keeps a Buy rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. The analyst believes the company’s Q4 results in March could beat estimates. While overall macro consumption remains weak, given Vipshop’s unique position as an overstock channel, its experienced merchandising team is likely to obtain good value from merchants’ excess inventory into 2024, contends the firm. It believes overall growth momentum for the company remains intact with probability of outperforming the industry.