Coupang Inc (CPNG) PT Raised to $23 at Mizuho

Mizuho analyst James Lee raised the price target on Coupang Inc (NYSE: CPNG) to $23.00 (from $20.00) while maintaining a Neutral rating.

The analyst commented: "CPNG reported a good quarter with strong top-line growth and convincing EBITDA beat. On the top line, the company grew 20% FXN, leveraging its competitive advantage in logistics to gain share. Furthermore, EBITDA came in above the Street by 20% ex-Farfetch despite leaning into investments in Taiwan. Ex-Farfetch, management maintained its EBITDA losses for developing offerings at $650m. As a result, we maintain our FY25E EBITDA and introduce new FY26 estimate at $3.1bn. Raise PT from $20 to $23 as we roll over valuation to FY26E with a target multiple of 15x (from 16x). Maintain Neutral due to valuation premium and Softbank headwinds, but incrementally positive about the company's category-leading position."

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