Luckin Coffee initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Luckin Coffee (LKNCY) with a Buy rating and $49 price target implying 61% potential upside. The company has a “meaningful opportunity” to expand in mainland China, the analyst tells investors in a research note. The firm’s analysis suggests 55,000 stores in mainland China is attainable. Luckin can also sees further margin expansion and shareholder returns, adds Goldman.

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