Shares of Luckin Coffee (NASDAQ:LK) see a big bounce after Morgan Stanley lifts its price target to $42 from $27.
Analyst Lillian Lou estimates the value of the Luckin Tea franchise stores is $15 per share.
While the new PT from Morgan Stanley only implies 13% upside from yesterday’s closing price, the dose of confidence from MS could go a long way amid all the coronavirus concerns around the coffee chain.
LK +3.96% premarket to $38.59 vs. the 52-week trading range of $13.71 to $51.38.
