Citi upgraded Coupang to Buy from Neutral with a price target of $26, up from $19. The company announced on April 12 a raise of Rocket Wow subscription fee to $5.70 from $3.60, which came earlier than the Street’s and Citi’s expectations, the analyst tells investors in a research note. The firm say the incremental revenue will be highly profitable and doesn’t generate costs. The news indicates management’s will to manage margins in future if the new initiatives need more investment, says Citi.
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