Morgan Stanley has raised its price target on Coupang (NYSE:CPNG) to 32 from 27 and has designated the firm as its new Top Pick due to strong execution and competitive positioning in the e-commerce space.

The upgrade aligns with favorable macro trends, such as insulation from tariffs and benefits stemming from currency fluctuations. Coupang’s efficient operations continue to drive customer satisfaction, enhancing market share.

Furthermore, Morgan Stanley expects significant growth in adjusted EBITDA, supported by improved margins. The firm believes that despite the recent stock rally, Coupang remains attractively valued, creating a solid long-term investment opportunity.