UPDATE: Luckin Coffee (LK) PT Raised to $56 at KeyBanc; Strong Core Momentum
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(updated to add analyst comments)
KeyBanc analyst Eric Gonzalez raised the price target on Luckin Coffee (NASDAQ: LK) to $56.00 (from $32.00) while maintaining a Overweight rating.
The analyst commented, "We are raising our price target from $32 to $56 based on strong core business momentum and the addition of new revenue streams into our valuation methodology. Despite the stock's upward momentum, we believe the profit potential of these channels implies little to no multiple expansion has occurred since the Unmanned Retail Strategy was first announced and the stock remains inexpensive relative to its growth potential and to category leading global peers."
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