UPDATE: Deutsche Bank Downgrades Vipshop Holdings to Hold, Raises PT

In a report published Friday, Deutsche Bank downgraded its rating on Vipshop Holdings

from Buy to Hold, but raised its price target from $7.83 to $10.60. Deutsche Bank noted, “We believe a weak retail environment manifest Vipshop's position as one of the most efficient channel to dispose unsold inventory for brands. Its value proposition to both brands and consumers continues to increase in 2012. We expect the company to deliver solid 3Q and 4Q results with improving profitability. We estimate the company will break even in 4Q12 on non-GAAP measures vs. 1Q13 in previous forecast. Nonetheless, we believe the strong momentum has been fully factored into the stock price. Downgrading to Hold.” Vipshop Holdings closed on Thursday at $10.36.