Vipshop price target lowered to $17.60 from $20.30 at Jefferies

Jefferies analyst Thomas Chong lowered the firm’s price target on Vipshop to $17.60 from $20.30 and keeps a Buy rating on the shares after the company reported that total revenues declined 3.6% year-over-year and GMV stayed largely flat year-over-year in Q2. The firm, which expects Vipshop to remain disciplined in marketing spending, has lowered its revenue and earnings estimates to account for a softer second half outlook.