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Fly News Breaks for July 11, 2018
VIPS
Jul 11, 2018 | 08:02 EDT
Goldman Sachs analyst Ronald Keung downgraded Vipshop to Neutral from Buy citing what he views as "fierce competition" and near-term risk to consensus earnings estimates as management steps up its marketing spending on attracting new users. Given his view that the cost of attracting new users will drag on margins for the coming quarters, Keung lowered his price target on Vipshop shares to $13.10 from $19.20.
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