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Investing.com - JPMorgan raised its price target on Hyundai (OTC:HYMTF) Rotem Co Ltd (KS:064350) to KRW260,000 from KRW150,000 while maintaining an Overweight rating on the stock.
The upgrade follows Wednesday’s announcement by the Defense Acquisition Program Administration (DAPA) that it has finalized the long-awaited Hyundai Rotem K2 EC2 contract with Poland.
Despite the positive news, Hyundai Rotem shares fell 3% on Thursday while the broader KOSPI index gained 1%, which JPMorgan attributed to profit-taking following the order announcement.
Poland has indicated it is waiting for Korea’s new Defense Minister to be elected before formally signing the agreement, though JPMorgan expects finalized contract details to be disclosed soon.
JPMorgan cited increased visibility in executing remaining K2 deliveries (640 units) and potential export opportunities in the EU and Middle East regions as key factors supporting its more positive outlook on the company’s order book and earnings prospects.
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