Coupang Inc (CPNG) PT Lowered to $30 at BofA Securities

BofA Securities analyst Susie Lee lowered the price target on Coupang Inc (NYSE: CPNG) to $30.00 (from $32.00) while maintaining a Buy rating.

The analyst comments "We raise Eats’ FY25E adjusted EBITDA loss to be almost flat YoY (previously assumed loss to be reduced) on lower commission income. However, over an extended period, we note that the company could consider additional source of revenue, such as advertising. Reflecting our revision on Eats and BofA FX estimate change on KRW (FY25 average 8%, FY26 average 9% vs previous KRW/USD), we revise down our FY25/26 EPS estimate by 10.1%/6.9%. We lower PO from US$32 to US$30, based on the same 25x forward EV/EBITDA multiple. Local currency-based core product commerce business growth remains unchallenged. We remain upbeat about its outperformance in top line, subscriber loyalty and industry consolidation, scale effect, FLC and turnaround of Farfetch should drive sequential margin improvement."

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