JPMorgan analyst Alex Yao upgraded Vipshop to Overweight from Neutral and raised his price target for the shares to $11 from $6.50. The analyst says he's turning more positive on Vipshop's earnings growth outlook following its strategic shift to move non-core, low-margin or loss-making categories to third parties and potentially transition in-house logistics to an outsourced model. These two changes will lead to structural, as opposed to one-off, changes in Vipshop's cost structure, Yao tells investors in a research note. The analyst thinks the company could achieve a 41% annual earnings growth in the next two years, which eh notes is "far faster than most of the names in our coverage universe and with strong visibility."