- Goldman Sachs analyst Eric Cha upgraded Coupang Inc CPNG to Conviction Buy from Buy with a price target of $37, down from $52. The price target implies an upside of 108.5%.
- The rising rates, industry growth deceleration on high comps, and COVID induced capacity issues, which have weighed on the stock price since the second half of 2021, are now mostly priced.
- Cha also thinks that the market underestimates Coupang's operating leverage potential concealed under COVID-induced expenses.
- Coupang's largest shareholder SoftBank Group Corp SFTBY SFTBF Vision Fund's $1 billion block trade sale in March activated Coupang share's recent meltdown.
- Recently Goldman Sachs Group Inc GS marketed a block of 50 million shares in Coupang.
- Price Action: CPNG shares traded higher by 2.08% at $18.12 in the premarket on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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