UPDATE: Oppenheimer Initiates Coverage on Vipshop Holdings Limited

According to a research report published this morning, Oppenheimer initiated Vipshop Holdings Limited

with an Outperform rating and $7.50 PT. Oppenheimer mentioned in the report, " Vipshop is a leading online discount retailer for brand name products and operates China's largest flash sales website with annual revenue of $227M and market share of ~18%. While we do not expect Vipshop to be profitable until 2013, we believe it is well positioned to capitalize on the significant growth potential for online discount retail. While potential competition with other online discount retailers and e-commerce players could pose risks to its growth and margin expansion, and limit near-term valuation multiple growth, we're bullish on VIPS' longterm prospects." Vipshop closed yesterday at $5.46.