JPMorgan Raises South Korea Stock Price Target Amid Semiconductor Cycle Improvement

JPMorgan has increased its target price for South Korean stocks for the second time in less than a month, citing improvements in the semiconductor cycle, corporate governance reforms, and growth in the industrial sector. According to Odaily, the Wall Street investment bank has raised its base target for the Korea Composite Stock Price Index (KOSPI) to 9,000 points, with a bullish scenario target of 10,000 points, indicating a potential 33% upside from last Friday's closing price. Previously, in late April, the bank set the base and bullish targets at 7,000 and 8,500 points, respectively. The global artificial intelligence (AI) boom has driven earnings growth, prompting strategists to revise their outlook for South Korean equities. On Monday, the KOSPI index surged by as much as 5.1%, reaching an intraday high of 7,876.60 points, marking a historic peak. This increase expanded its year-to-date gains to approximately 86%, further solidifying its position 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.