Coupang, Inc. (CPNG) shares plummeted 7.36% on Wednesday, following a downgrade from Deutsche Bank and the release of the company's second-quarter results. The significant drop reflects investors' concerns about the e-commerce giant's near-term prospects.

Deutsche Bank lowered its rating on Coupang to Hold from Buy, while maintaining a price target of $27. This downgrade appears to be a primary factor in the stock's decline, overshadowing positive actions from other analysts. The company's second-quarter results, released prior to the market open, also seemed to disappoint investors, as shares had already started sliding in pre-market trading.

Despite the negative sentiment, some analysts remain optimistic about Coupang's future. JP Morgan raised its target price to $37 from $31, while Mizuho increased its target to $30 from $27. However, these positive adjustments were not enough to offset the impact of the Deutsche Bank downgrade and the market's reaction to the Q2 results. According to FactSet data, Coupang still maintains an average rating of overweight among analysts, with a mean price target of $32.05, suggesting potential upside from current levels despite today's significant drop.