Coupang upgraded to Outperform from Hold at CLSA

CLSA analyst Brian Lee upgraded Coupang to Outperform from Hold with a price target of $31, up from $18. The firm forecasts Coupang’s sales growth at 17% annually for the next five years owning to industry growth and market share gains from consolidation and stronger lock-in effects. It expects the company’s operating margin to improve from 1.9% in 2023 to over-5% in 2027 with its “growing market dominance.” Coupang’s market share will surge to around 35% by 2028 with consolidation from the exit of minor players and struggling traditional open market platforms, the analyst tells investors in a research note. CLSA says Coupang is the “last man standing.”