Coupang price target lowered to $22 from $23 at Morgan Stanley

Morgan Stanley analyst Seyon Park lowered the firm’s price target on Coupang to $22 from $23 and keeps an Overweight rating on the shares. The firm adjusted its estimates to reflect FLC being reported on gross revenue, along with an assumption of lower initial take rates on higher promotional activity, which results in its near-term estimates being lowered. However, Coupang’s share price has rebounded from its lows as market growth is showing signs of reacceleration and the firm continues to see FLC being "key to higher growth and ultimately higher margins," the analyst tells investors.