April 20, 2024
Stocks & Bonds
[EQUITIES] ‘Hyundai Motor to gain as emerging markets recover’
[THE INVESTOR] Hyundai Motor’s stock price has been surging but will rise further as emerging markets are recovering, said Eugene Investment and Securities on May 26, maintaining a “buy” recommendation and 210,000 won (US$187.67) target price.
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The slow US market is dragging down valuations of US and Japanese carmakers but Korean counterparts will see their profits increase as developing countries are bouncing back, said analyst Lee Jae-il.
Hyundai in particular will benefit as it has aggressively expanded its presence in the markets, which account for the largest share, during the sluggish period, said the analyst.
By Hwang You-mee (glamazon@heraldcorp.com)
