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Samsung Securities Cuts Kia's Price Target to 210,000 KRW from 240,000 KRW on Q2 Miss

GateNews
Stocks
Kia-0.91%

According to Samsung Securities analyst Lim Eun-young, the firm cut Kia's price target to 210,000 KRW from 240,000 KRW recently, a 12.5% downgrade reflecting worse-than-expected second-quarter earnings. Kia's Q2 operating profit fell 4.9% year-over-year to 2.63 trillion KRW, undershooting market consensus by 5.9%, as expanded electric vehicle incentives in Europe pressured margins despite record sales volume.

Samsung Securities maintained a 'Buy' rating, projecting improved profitability in the second half from expanded hybrid vehicle sales and improved product mix. The firm forecasts Q3 operating profit of 2.8 trillion KRW, above the 2.6 trillion KRW consensus.

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