CLSA upgraded Vipshop to Buy from Outperform with a price target of $17, up from $11. The company’s Q4 results beat again given recovering demand and an "abundant" of cheap supply, the analyst tells investors in a research note. The firm sees Vipshop resuming growth in 2023 with a "stable" margin. The company can benefit from the recovery of apparel and discretionary spending with solid support from its upcoming earnings, says CLSA.
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