Coupang upgraded to Outperform from Underperform at Bernstein

Bernstein double upgraded Coupang to Outperform from Underperform with a $30 price target The company has exceeded expectations “mainly due to two unexpected events:” its subscription fee increase and an industry-level liquidity crisis, the analyst tells investors in a research note. The firm now expects a market shift “from fierce competition to duopoly.” Bernstein sees accelerated consolidation by the Qoo10 liquidity crisis.