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On Wednesday, Goldman Sachs analysts upgraded Hybe Corporation (352820:KS) stock from a Neutral rating to Buy. The analysts also raised the company’s price target to KRW340,000 from KRW220,000, reflecting a positive outlook on the company’s future performance.
The analysts at Goldman Sachs noted that previous concerns about Hybe’s potential risks have been largely resolved. These risks were primarily related to reputation and retention issues within its subsidiary label Ador, which were believed to have the potential to impact other labels. Recent court rulings in favor of Hybe have mitigated these concerns.
In addition to resolving these risks, Goldman Sachs analysts identified a new growth opportunity for Hybe. The emergence of new Mega IP is expected to drive rapid growth in concert and merchandising revenues, according to the analysts. This development is seen as evidence of Hybe’s sustainable business model capable of consistently producing popular intellectual properties.
Hybe Corporation, known for its global entertainment ventures, is anticipated to expand its audience further. The analysts believe that the company’s system can continue to generate significant interest and revenue from its global fanbase.
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