Citi analyst Alicia Yap lowered her price target for Vipshop to $5.40 citing "softening" sales post the company's Q2 results. The analyst keeps a Sell rating on the name. In light of the trade-war overhang and potential softening China macro, Vipshop will likely shift its strategy to focus mainly on discount overstock merchandise as well as servicing a broader group of smaller merchants, Yap tells investors in a research note. The analyst struggles to find visibility on near-term growth reacceleration and sees no chance of a recapitalization option to unlock company value.