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Investing.com - Goldman Sachs lowered its price target on SHIFT UP Corp (KS:462870) to KRW54,800 from KRW64,000 while maintaining a Buy rating on Tuesday.
The firm cited weaker-than-expected initial performance of Nikke China since its May 22 launch as the primary reason for the adjustment. SHIFT UP’s share price has corrected by 30% since the game’s launch, compared to the broader KOSPI index gaining 34% during the same period.
Goldman Sachs attributes the underperformance to the time lag between global and China launches, as well as content discrepancies between servers. The firm notes SHIFT UP is developing a separate roadmap to align China server content with the global version to improve user experience and recover traffic levels.
The research firm expects a stronger fourth quarter for Nikke China, projecting 20% quarter-over-quarter growth, supported by the company’s new strategy, marketing initiatives, and a major half-year anniversary event scheduled for late November to early December.
Despite near-term challenges, Goldman Sachs remains positive on SHIFT UP’s long-term outlook, citing stable revenue generation from established IPs Nikke and Stellar Blade, with expectations for earnings growth in 2027-2028 driven by the Stellar Blade sequel and the upcoming Project SPIRIT.
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