UPDATE: Deutsche Bank Raises PT on Vipshop Holdings on Earnings Upside Risk, Attractive Valuation

In a report published Monday, Deutsche Bank reiterated its Buy rating on Vipshop Holdings

, and raised its price target from $23.30 to $30.10. Deutsche Bank noted, “Vipshop's 4Q12 results beat our street high forecast by 100%. In addition to broadly in-line 1Q revenue guidance, management's comment on 1Q13 margin outlook is more positive than our expectation. A solid 4Q results and positive 2013 outlook demonstrate that Vipshop is on track to capitalize growth opportunities in China's flash sales market. This leads us to increase our target PEG ratio to 0.6x from 0.5x. A PEG of 0.6x is at a 40% discount to China Internet leaders such as Tencent, and implies 14x 2014 P/E. We see potential earnings upside risk in 1H13. Valuation could continue to re-rate if the company delivers solid results over the next few quarters. Buy.” Vipshop Holdings closed on Friday at $24.42.