BofA lowered the firm’s price target on Coupang to $20 from $22 and keeps a Neutral rating on the shares. Coupang “remains one of the best-managed companies in our coverage” with market leadership in Korea e-commerce, but the firm see headwinds from further moderation in consumption amid the higher rate environment and cites estimate changes for its lower implied valuations for the company’s e-commerce and food delivery businesses.
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