NH Investment & Securities lowers Hyundai Motor target price to 620,000 won

NH Investment & Securities has reduced its target price for Hyundai Motor by 18.4%, from 760,000 won to 620,000 won. The brokerage firm cited a decline in market expectations, attributing it to the lack of updates regarding the automaker's new business strategies. Despite this adjustment, NH Investment & Securities maintained its 'buy' investment rating for Hyundai Motor. This decision is based on the expectation of continued profitability improvements in the company's core business operations and the anticipated positive impact of new vehicle launches in the latter half of the year. The current stock price is 408,000 won as of the previous trading day. Analyst Heo Neul noted that while Hyundai Motor's core business remains robust, the market's anticipation for its new ventures has diminished. The firm's assessment suggests that investors are looking for clearer strategic direction in emerging business areas to drive future growth beyond traditional automotive manufacturing.