 Credit Suisse analyst Ashley Xu downgraded Baozun Inc NASDAQ: BZUN to Underperform from Outperform with a price target of 23, down from 41, implying a 28 downside from Thursdays closing price of 31.87. Baozun has faced derating pressure due to a boycott against international apparel brands, the soft performance of Tmall, and a recent sector-wide correction over regulatory concerns. 