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(Photo = SK innovation) |
[Alpha Biz= Reporter Kim Minyoung] Hyundai Motor Securities lowered its target price for SK Innovation, saying the battery sector has a bigger deficit than previously expected.
Hyundai Motor Securities lowered SK Innovation's target price from 148,000 won to 128,000 won.
On the previous day, SK Innovation announced its first-quarter earnings, which led to a drop in its target stock price due to a significant drop in profits in the battery sector. The innovation said on the previous day that it recorded sales of 18.9 trillion won and operating profit of 624.7 billion won in the first quarter.
Hyundai Motor Securities said, "The refining, chemical, and E & P sectors exceeded expectations, but the battery was sluggish," adding, "We estimate that the US battery plant utilization rate was very low."
"In the second half of this year, SK On's profitability improvement and turnaround in the electric vehicle market will be momentum for stock prices," Hyundai Motor Securities Co. said.
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
