Bernstein Initiates Coverage of Coupang (CPNG) With an Underperform Rating

Coupang, Inc. (NYSE:CPNG) is one of the best e-commerce stocks to buy now. On February 5, Bernstein initiated coverage of Coupang, Inc. (NYSE:CPNG) with an Underperform rating and a $17 price target. The firm rolled out coverage of the Korean internet space, showing an inclination for companies “exhibiting strong growth potential” driven by online penetration rates, as well as companies with AI leadership. The firm anticipates a continuation of the online channel shift in the digital advertising space, stating that Korea is less penetrated in comparison to China and the United States. Bernstein added that the e-commerce and food delivery sectors are “showing limited growth opportunities”.

The same day, Reuters reported that Coupang, Inc. (NYSE:CPNG) confirmed on Thursday that the data of an additional 165,000 users was leaked in a major security breach, shaking the country’s alliance with the United States, according to a South Korean government official. It further reported that Coupang Korea has been under a South Korean government probe over the last year for the leak of personal data affecting over 33 million customers.

Coupang, Inc. (NYSE:CPNG) announced on Thursday that it managed to identify customers affected by November’s leak, including names, phone numbers, and addresses, with no login information or payment details compromised. In a statement, it announced that the users have been notified according to government guidance.

Headquartered in Seattle, Coupang, Inc. (NYSE:CPNG) is an online retail company that provides retail, video streaming, restaurant delivery, and fintech services across the globe under brands including Coupang, Coupang Eats, Coupang Play, and Farfetch. The company’s operations are divided into the Product Commerce and Developing Offerings segments.

While we acknowledge the potential of CPNG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.