UPDATE: CLSA Triple Downgrades Coupang Inc (CPNG) to Sell (5)
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CLSA analyst Seungjoo Ro downgraded Coupang Inc (NYSE: CPNG) from Outperform (2) to Sell (5) with a price target of $16.40 (from $14.00).
The analyst comments "Coupang’s prominence over the past decade was reflected in the stellar valuation of its IPO at the pinnacle of the tech boom in 2021. However, Covid-19 has accelerated the maturity of the market, which is likely becoming saturated. Coupang will continue to gain market share in ecommerce but the headroom is narrowing, while the stakeholder management raise risks of cost overrun, we revise down our 2022 revenue forecasts by 4% and reduced earnings losses. We raise our SOTP based price target to US$16.40, but downgrade the company from Outperform to SELL given the recent share-price rebound."
Shares of Coupang Inc closed at $18.10 yesterday.
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