Svmuu reported that JPMorgan Chase has raised its target price for South Korean stocks for the second time in less than a month, citing an improving semiconductor cycle, corporate governance reforms, and growth in the industrial sector.
The Wall Street investment bank raised its base target for South Korea's KOSPI index to 9,000 points, with a bull-case target raised to 10,000 points, implying a 33% upside from last Friday's closing price. In comparison, the bank had set its base and bull targets at 7,000 points and 8,500 points, respectively, in late April. Strategists are racing to upgrade their outlooks on the South Korean stock market, buoyed by profit growth driven by the global artificial intelligence (AI) boom.
On Monday, the KOSPI index surged as much as 5.1%, hitting an intraday high of 7,876.60 points, a record high, bringing its year-to-date gains to approximately 86%, further solidifying its status as one of the world's best-performing stock markets. Last week, Goldman Sachs also raised its target for the KOSPI index to 9,000 points. (Jinshi Data)