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Investing.com - JPMorgan has raised its price target on SHIFT UP Corp (KS:462870) to KRW70,000 from KRW66,000 while maintaining an Overweight rating following better-than-expected second-quarter operating profit.
The company reported second-quarter operating profit of KRW68 billion, exceeding JPMorgan’s higher-end Street estimate of KRW65 billion by 5%. The performance was driven by resilient NIKKE Global revenue, which declined less than anticipated at 10% year-over-year.
SHIFT UP also benefited from decent initial momentum from NIKKE China launch, which generated KRW10 billion in revenue, and strong Stellar Blade PC sales reaching 1.3 million copies, demonstrating the company’s execution and R&D capabilities.
Despite previous concerns about NIKKE Global’s continued revenue decline, Sensor Tower data indicates solid revenue growth of approximately 35% year-over-year quarter-to-date, suggesting a potential rebound after four consecutive quarterly declines.
JPMorgan forecasts NIKKE Global revenue momentum of 5%/-5% year-over-year in the third and fourth quarters, compared to an 11% decline in the first half, noting the stock currently trades at 16.2x 2026 estimated P/E and 12.3x 2027 estimated P/E.
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