Nomura analyst Angela Hong downgraded SK Telecom to Neutral from Buy with a price target of KRW 50,000, down from KRW 67,000. The analyst thinks there could be limited upside to the company’s 2023 earnings estimates. Further, telcos are unlikely to benefit from recording strong earnings, which may result in tariff cut requests or capex pressure ahead of the 2024 general election, the analyst tells investors in a research note.
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