Bullish indicating open at $55-$60, IPO prices at $37
Investing.com - Bernstein SocGen Group downgraded LG Chem Ltd (KS:051910) (OTC:LGCLF) from Outperform to Market Perform on Monday.
The research firm also adjusted its price target for the South Korean chemical company to KRW310.00 from its previous target.
The downgrade comes as Chinese battery manufacturers increase efforts to gain market share in Europe, primarily at the expense of Korean battery makers like LG Chem.
Bernstein noted that while much of this competitive pressure is already reflected in LG Chem’s stock price, the firm expects the next six to twelve months to remain challenging for Korean companies in this sector.
The research firm also downgraded Samsung SDI (KS:006400) to Market Perform as part of the same industry reassessment, citing similar concerns about Chinese competition in the European market.
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