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Investing.com - CLSA downgraded NAVER Corp. (KS:035420) (OTC:NHNCF) from outperform to hold on Monday, while simultaneously raising its price target to KRW303,000 from KRW220,000.
The South Korean internet giant has seen its shares rally approximately 55% since the country’s recent presidential election, according to CLSA.
The research firm noted that NAVER has emerged as a potential beneficiary of the new government’s top initiatives, including sovereign AI and a Korean won stablecoin, following President Lee’s appointment of former NAVER executives to key cabinet positions.
Despite these positive catalysts, CLSA believes market expectations "may have gotten ahead of fundamentals prematurely," particularly given unresolved concerns about AI disruptions to NAVER’s core search business.
The significant post-election stock price appreciation has left limited upside potential, prompting the downgrade despite the substantially higher price target, according to the research firm.
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