Vipshop downgraded to Hold from Buy at Benchmark

Benchmark downgraded Vipshop to Hold from Buy and removed the firm’s price target following the company’s “lackluster” Q1 results and issuance of a “muted” FY24 growth outlook. The below-expectation Q2 and FY24 revenue growth guidance reflects Vipshop’s market share loss in its standardized products, says the analyst, who adds that although its core apparel category has appeared to “hold up so far,” the firm suspects it could be subject to more competition down the road.