Vipshop downgraded to Hold from Outperform at CLSA

CLSA downgraded Vipshop to Hold from Outperform with a price target of $12, down from $15.80. The company reported “soft” Q2 results and buybacks may not be enough to weakness in its fundamentals, the analyst tells investors in a research note. The firm expects Vipshop’s Q4 to remain under pressure, given a high base, which could drag margins as well.