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Investment banks Goldman Sachs, JPMorgan, Deutsche Bank and Mizuho have initiated coverage on South Korean firm Coupang, which made its stock market debut in New York last month.
The e-commerce company surged 40% in its first day of trading after raising $4.55 billion at $35 per share. Coupang was the largest initial public offering in the U.S. so far this year and one of the top 25 biggest listings of all time stateside, by deal size.
Since its IPO, the stock has slipped more than 5% as of its Tuesday close.
South Korea’s e-commerce market is one of the largest and fastest-growing in the world due to an environment that is conducive to online shopping with high broadband and mobile penetration and tech-savvy consumers, according to Goldman.
Here are Goldman, JPMorgan, Deutsche Bank and Mizuho’s ratings and price targets for Coupang, and why they like the stock: