Nomura analyst Jialong Shi upgraded Vipshop to Buy from Neutral with a price target of $17, up from $10. The analyst cites the recovery in apparel demand and an attractive valuation for the upgrade. Vipshop is set to benefit from a demand recovery in its core apparel category, as the resumption of offline activities prompted Chinese shoppers to buy more clothes than they did during lockdowns, the analyst tells investors in a research note. The firm says apparel accounts for 70% of Vipshop’s sales currently, "making it an attractive proxy to play a likely turnaround in Chinese apparel demand. "
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on VIPS:
