Morgan Stanley analyst Young Suk Shin downgraded Posco to Underweight from Equal Weight with a price target of KRW 440,000, up from KRW 400,000. Despite believing in the company’s long-term transformation story, the analyst believes that “excessive optimism has run ahead of fundamentals,” and believes Posco is one of the most expensive steel stocks regionally, and lithium stocks globally, at its current valuation.
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