UPDATE: Goldman Sachs Resumes Vipshop Holdings Limited at Buy on Growth Outlook

Goldman Sachs resumed coverage on Vipshop Holdings Limited VIPS with a Buy rating and a $33.50 price target. Goldman Sachs noted, "(We expect VIPS's quarterly results to provide incremental positive data points to support our $0.71 non-GAAP 2013E forecast. VIPS turned profitable in 3Q12 (non-GAAP EPS US$0.01) and posted 4Q12 GAAP EPS of US$0.16. We believe VIPS's improving track record would reduce perceived risk and drive a potential re-rating. VIPS currently trades at 0.39X PEG, a discount of 57% to GS China internet coverage median, which we attribute to its loss-making history, less proven business model, greater execution risks from rapid revenue growth, and limited liquidity." Vipshop Holdings Limited closed at $26.48 on Wednesday.