CPNG - Coupang cut to Neutral at BofA after earnings miss

Coupang ( NYSE: CPNG ) was downgraded to Neutral at Bank of America on Thursday as equity analyst Susie Lee advised upside may be limited in the near term.

Shares of the South Korean e-commerce leader fell sharply on Thursday following a a Q4 report that topped EPS expectations but fell short on revenue issued on Wednesday evening. Additionally, margin and customer growth were cited as metrics of concern by analysts.

“We believe the company is best positioned to benefit from the online retail consolidation in Korea. Nevertheless, we see prospects for significant upward rerating as limited, as we may not always see the same rate of GP margin improvement as in the past few quarters,”Lee advised.

As such, she cut her rating from Buy to Neutral and reduced her price target to $18 from a prior $27. Shares of Coupang fell 5.21% on Thursday.

Read more on the details of the earnings results .

For further details see: