Vipshop upgraded to Buy at Benchmark with growth expected to reaccelerate

Benchmark upgraded to Buy from Hold with a $15 price target in anticipation of reaccelerated revenue growth as apparel sales momentum picks up. While "realistic" in the sense that competition could remain challenging, the firm contends "reopening could be a major boon" for discretionary categories as consumers shift their budget from necessities toward Vipshop’s core categories of apparel and beauty.