Coupang downgraded to Neutral at BofA after in-line Q4 earnings

BofA analyst Susie Lee downgraded Coupang to Neutral from Buy with a price target of $18, down from $27. While the firm believes the company is "best positioned" to benefit from online retail consolidation in Korea, BofA sees limited prospects for significant upward rerating as it contends "we may not always see the same rate of GP margin improvement as in the past few quarters." The firm has cut its target EV/GMV multiple and moved its valuation base to from 2024 to 2023.