JPMorgan analyst Alex Yao last night downgraded Vipshop to Neutral from Overweight and lowered his price target for the shares to $6 from $11. Given the "tough competitive environment and harder-than-expected synergy generation," Vipshop is likely to adjust its strategy to re-focus on core off-season apparel distribution and prioritize profitability over sales growth, Yao tells investors in a research note. The analyst believes such a strategy change introduces downside risk to revenue growth over the next 12 months. He feels catalysts for a meaningful stock price rebound are lacking given a "dampened growth outlook."