Coupang not gaining market share fast enough, says Bernstein

Bernstein analyst Bokyung Suh raised the firm’s price target on Coupang to $10.20 from $9.90 and keeps an Underperform rating on the shares. Coupang is not gaining market share fast enough, Suh tells investors in a research note. The analyst estimates Coupang’s gross merchandise volume growth in Q3 is 15%, lower than its revenue growth of 27%, considering the sales mix change between the first and third party businesses. Suh thinks some investors assume the company’s GMV growth and revenue growth are roughly the same. He says that if his thesis is right, Coupang’s market share grew by only 1% year-over-year excluding travel-commerce.