Baozun downgraded to Hold from Outperform at CLSA

CLSA downgraded Baozun to Hold from Outperform with a price target of $2.20, down from $2.80, post the Q2 report. The weak macro environment and “intense” competition are still weighing on the company’s profits, the analyst tells investors in a research note. The firm believes small e-commerce players like Baozun “are more vulnerable amid fierce competition.”