UPDATE: Goldman Sachs Upgrades Vipshop Holdings Limited to Buy, Maintains $185.00 PT

Shares of Vipshop Holdings VIPS are up 5.7 percent to $145.90 following an upgrade from Neutral to Buy Goldman Sachs. Analyst Weibo Hu sees the company's China apparel market share growing from 1 percent in 2014 to 1.5% in 2016, which could mean $6 billion in revenue for 2016. Increasing credibility as a leader in discount retail in China could fuel “significant growth potential,” both to revenue and margins, said Hu. The analyst reiterated a $185 price target, implying 27 percent of upside from current levels. Shares of Vipshop opened at $145.16 and reached a high of $151.55 early in Tuesday's regular session.