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Investing.com - JPMorgan upgraded LG Innotek Co Ltd . (KS:011070) from Neutral to Overweight on Sunday, while raising its price target to KRW230,000 from KRW170,000, citing expected strong earnings momentum.
The upgrade follows Apple (NASDAQ:AAPL)’s tax exemption on U.S. investment pledge and upward revisions to iPhone manufacturing builds, which JPMorgan believes creates a positive environment for LG Innotek to deliver strong financial results over the next 12 months.
JPMorgan noted that LG Innotek shares have underperformed peers over the past three months, rising 14% compared to 20% for competitors, as investors favored market-share gainers like Cowell over incumbent suppliers.
Despite lingering tariff uncertainty for component vendors outside the U.S., JPMorgan expects strong end-demand to outweigh these concerns, leading the firm to raise its FY25-27 earnings per share estimates by 6-9%.
The firm identified several upcoming catalysts for LG Innotek, including the iPhone 17 launch event on September 9, positive sell-through momentum, and potential smartphone subsidies in China.
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