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March 4, 2014
12:36 EDTDANG, VIPSVipshop soars to 52-week high after results, guidance top expectations
Shares of Vipshop (VIPS), a Chinese online discount retailer, are soaring after the company's fourth quarter results and first quarter guidance easily surpassed expectations. WHAT'S NEW: Last night, Vipshop reported Q4 adjusted EPS of 49c and revenue of $651M, easily topping expectations of 41c and $559.43M, respectively. The company forecast Q1 revenue of $640M-$650M, compared to consensus of $554.46M. ANALYST REACTION: Following the quarterly report, Piper Jaffray and Deutsche Bank both raised their respective price targets on Vipshop. Piper Jaffray raised its price target to $207 from $102, saying the company's latest results suggest its "fast becoming the next T.J. Maxx." Piper continued to recommend Vipshop with an Overweight rating. Deutsche Bank raised its price target on the shares to $184 from $134, citiing the company's better than expected results and outlook. PRICE ACTION: In late morning trading, Vipshop rose $39.02, or 30.56%, to $166.80 on nearly six times its average daily trading volume. Earlier in the session, the stock made a new 52-week high of $182.00. Including today's move, the stock has gained nearly 573% over the past twelve months. OTHERS TO WATCH: Another Chinese e-commerce company, E-Commerce China Dangdang (DANG), was up 12% on the session.
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