Bernstein maintains Coupang at Underperform, lowers price target to $11 from $12

Coupang (CPNG) stock rose 12.0% on November 4, 2026, after reporting Q3 results. Revenue of $9.96B beat estimates, growing 7.5% YoY. EPS loss of $0.28 included $248M in fire-related costs. Management expects adjusted EBITDA margins to recover by mid-2027. The stock is down 46.9% over the past year.

Coupang's October payments hit a record 6.2 trillion won, up 5.1% year-over-year, with Coupang Eats growing 12.6%. However, the company reported a $450 million operating loss in Q3, despite a 7% revenue increase to $9.962 billion. The loss includes $248 million from a logistics center fire.

Coupang's stock rose 12% after Q3 revenue beat estimates and Citi upgraded it to Buy. Revenue was $9.96B, up 11% in constant currency, exceeding guidance and analyst expectations. Management expects 13%-14% growth and improved EBITDA margin in Q4. The company faces challenges from lost shoppers and a warehouse fire costing $248M.

Citigroup upgraded Coupang to Buy from Neutral, setting a $19 price target, implying a 24.8% upside from its Nov 3 close of $15.23.

Coupang (CPNG) reported Q3 revenue of $9.96B, up 7% YoY, beating estimates. Loss of $0.28 per share was wider than expected due to a fire. Product Commerce revenue grew 5%, while Developing Offerings rose 23%. Margins declined, with adjusted EBITDA falling 72%. Q4 guidance expects 13-14% revenue growth and improved margins. Full-year Developing Offerings loss forecast raised by $50M-$100M.

Mizuho reduced its price target for Coupang (NYSE:CPNG) to $21 from $22, citing concerns over margin recovery and higher Taiwan investment. The firm lowered its fiscal 2027 EBITDA estimate but kept the 2028 estimate unchanged. Coupang reported $35.5 billion in revenue over the last twelve months, with 10% growth, but remains unprofitable with a negative EPS of $0.43. The stock has fallen 53% over the past year to $15.23, with analysts' price targets ranging from $12 to $30.