BofA update shows where active managers are putting money
Investing.com - JPMorgan has upgraded L&F Co Ltd (KS:066970) from Neutral to Overweight and raised its price target to KRW100,000 from KRW74,000, citing strong growth prospects in the company’s LFP cathode business.
The investment bank views L&F’s LFP cathode business growth opportunity as the most visible among Korean cathode peers, pointing to the company’s aggressive capacity expansion plans that include 30kt by first half of 2026 with a gradual ramp to 60kt by the end of second half of 2026.
JPMorgan notes that all three major Korean battery cell customers are in discussions with L&F, further strengthening the company’s growth outlook in the cathode materials sector.
The bank also expects L&F’s Hi-N cathode volume growth to accelerate in upcoming quarters from market share gains, highlighting that the company’s end-customer exposure is primarily toward non-US/China international markets where L&F faces fewer policy headwinds from tariffs and IRA policy changes.
L&F shares have gained 11% in the last three months, underperforming the broader Kospi index which rose 27% during the same period, but JPMorgan expects L&F to outperform its cathode peers going forward and recommends investors accumulate the stock.
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