Vipshop price target raised to $23.60 from $20.20 at BofA

BofA raised the firm’s price target on Vipshop (VIPS) to $23.60 from $20.20 and keeps a Buy rating on the shares after the firm hosted management during its AI tech/internet conference. BofA told investors that it reiterated its Buy rating on the back of improved fundamentals, highlighted by a top-line turnaround since Q3, attractive valuation and estimated high single-digit capital return yield supported by strong shareholder return commitment. The firm added that it sees high visibility of capital inflows through year-end from ongoing share repurchases.