Jefferies Research raised its target price for Topsports International (06110) to HK$14.5 from HK$14 and maintained its "buy" rating.
The research house said its key impressions from Topsports' earnings call are that the company is executing well to recover from weakened revenues and markdown conditions.
Jefferies continues to believe the upcoming Double-11 promotion will be less promotional than market expectations, and sense reduced competition from traditional e-commerce (as new digital tools such as Wechat store generate greater traffic).
Jefferies believes Topsports will continue to receive strong support from the brands to expand business in China.
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