Citi downgraded Coupang (CPNG) to Neutral from Buy with a price target of $22.20, down from $23. The firm sees a lower than expected earrings recovery for Coupang in 2026 after the Q1 miss. Citi cut its fiscal 2026 and 2027 EBITDA estimates by up to 27% to reflect lower product commerce margin assumptions and downgraded the shares.
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