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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CPNG:
- Coupang Stock (NYSE:CPNG): Should You Ride This Rocket Higher?
- Coupang call volume above normal and directionally bullish
- Coupang raising ‘Wow’ membership fee by 58%, Korea Times reports
- Coupang planning KRW 3T expansion of Rocket Delivery service, Nikkei reports
- Coupang put volume heavy and directionally bearish
