Bernstein initiated coverage of Coupang (CPNG) with an Underperform rating and $17 price target The firm rolled out coverage of the Korea internet space with a preference for companies “exhibiting strong growth potential” driven by online penetration rates and companies with AI leadership. Bernstein expects the online channel shift to continue in the digital advertising space, with Korea less penetrated compared to the U.S. and China. The e-commerce and food delivery sectors are “showing limited growth opportunities,” the firm contends.
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