Coupang Stock Climbed 2% Premarket Following Goldman Sachs' Rating Upgrade.
Goldman Sachs analyst Eric Cha upgraded Coupang Inc 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 Vision Fund's $1 billion block trade sale in March activated Coupang share's recent meltdown.
Recently Goldman Sachs Group Inc marketed a block of 50 million shares in Coupang.
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