Goldman Sachs Chief Asia-Pacific Equity Strategist Tim Moe raised the firm's Kospi target to 12,000, implying roughly 90% upside, stating their "conviction level in the stronger for longer cycle is really strong, very high." The forecast is based on a 5x forward earnings multiple and projected 32% earnings growth this year, with semiconductors like SK Hynix and Samsung Electronics, which make up over 50% of the Kospi, being the core drivers of Goldman's AI-driven earnings thesis.