Did Coupang Stock Finally Bottom Out This Week?
Coupang (NYSE: CPNG) doesn't have a very impressive stock chart these days, but things may be looking up for the South Korean online retailer. For the second time since reporting poorly received quarterly results two weeks ago, an analyst is stepping up to upgrade shares of Coupang.
Diawa analyst Thomas Kwon lifted his rating on the shares from to buy to outperform on Thursday. Two weeks ago, it was Peter Milliken upgrading the stock from hold to buy with a price target of $44, implying 43% of upside from where shares are now.
It's a timely show of confidence. The stock hit another new low earlier this week. It's an all-time low, but that's not necessarily saying much when we're talking about a stock that has only been trading since March. However, with two analysts upgrading it at a time when it has fallen below its IPO price, it's an encouraging sign that Coupang stock may have finally bottomed out this week.
Source Fool.com
