April 24, 2024
Finance
Foreign IBs upgrade Korea’s investment ratings
[THE INVESTOR] Global investment banks have upgraded their ratings on Korean stocks and hiked targets of its benchmark stock index, a report showed on May 24.
Among seven major foreign IBs, UBS, Nomura, Citi, Credit Suisse and Bank of America Merill Lynch have offered “overweight” investment ratings on the South Korean stock market, according to the report by the Korea Center for International Finance.
Following the inauguration of Korea’s new President Moon Jae-in, JP Morgan and Goldman Sachs have raised their investment ratings to “neutral” from “underweight.”
In addition, the foreign IBs have upgraded their targets of the benchmark KOSPI that has continued to renew highs this year.
JP Morgan has set its target at 2,250, while UBS and Goldman Sach have hiked their target to 2,450. Citi has upped its target range to 2,200-2,600 from 1,900-2,200. Nomura has upgraded its target to 2,600 from 2,250, saying the index could reach the landmark 3,000-point level in the medium term.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Among seven major foreign IBs, UBS, Nomura, Citi, Credit Suisse and Bank of America Merill Lynch have offered “overweight” investment ratings on the South Korean stock market, according to the report by the Korea Center for International Finance.
Following the inauguration of Korea’s new President Moon Jae-in, JP Morgan and Goldman Sachs have raised their investment ratings to “neutral” from “underweight.”
In addition, the foreign IBs have upgraded their targets of the benchmark KOSPI that has continued to renew highs this year.
JP Morgan has set its target at 2,250, while UBS and Goldman Sach have hiked their target to 2,450. Citi has upped its target range to 2,200-2,600 from 1,900-2,200. Nomura has upgraded its target to 2,600 from 2,250, saying the index could reach the landmark 3,000-point level in the medium term.
By Alex Lee and newswires (alexlee@heraldcorp.com)
