UPDATE: Credit Suisse Downgrades E-Commerce China Dangdang

In a note released Friday morning, Credit Suisse analyst Evan Zhou downgraded shares of E-Commerce China Dangdang (NYSE: DANG) from Outperform to Neutral and lowered the price target slightly from $14.50 to $14.

The downgrade comes following the company's second quarter earnings results and reflects slower active user growth . Additionally, Zhou said the price adequately represents expectations for improved margins.

Amid the downgrade, shares are trading down just over one percent in Friday's pre-market session.