Piper Jaffray noted that Vipshop issued quarterly revenue guidance that was below expectations on the headline, but said that after adjusting for the recent devaluation in the Chinese yuan the company guided up slightly. Guidance was light for the second quarter in a row, the firm added, but said its outlook on the company's fundamentals is unchanged. Piper believes Vipshop should benefit from its counter-cyclical nature to the slowing Chinese economy and keeps its Overweight rating and $30 price target on the stock, which is down nearly 11% to $18.75 in early afternoon trading.