Zacks Upgrades Sk Telecom Corporati to “Outperform” (SKM)
Sk Telecom Corporati (NYSE:SKM) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a note issued to investors on Friday, American Banking News reports. The firm currently has a $28.00 price objective on the stock. Zacks‘ price objective would indicate a potential upside of 19.91% from the stock’s previous close.
Zacks‘ analyst wrote, “We upgraded our recommendation on SK Telecom from Neutral to Outperform. The company posted strong second-quarter results with year-over-year improvement in net income and revenues. Strong ancillary units, new businesses and an expanding Long Term Evolution (LTE) subscriber base will likely help the company sustain its performance. SK Telecom’s focus on developing LTE-Advanced technologies coupled with the rollout of 5G Wi-Fi hotspot routers and LTE-Advanced smartphones will further drive subscriber growth. Moreover, SK Telecom has teamed up with different foreign carriers to offer LTE roaming service in different countries. The company has collaborated with Alcatel-Lucent to offer services like LTE-Advanced, LTE, WiBro (WiMAX), and Wi-Fi mobile data through its cell sites.”
Shares of Sk Telecom Corporati (NYSE:SKM) traded up 1.37% on Friday, hitting $23.67. 678,833 shares of the company’s stock traded hands. Sk Telecom Corporati has a one year low of $14.61 and a one year high of $23.59. The stock has a 50-day moving average of $21.87 and a 200-day moving average of $20.63. The company has a market cap of $15.035 billion and a P/E ratio of 10.80.
SK Telecom Co, Ltd. (NYSE:SKM) is a Korea-based wireless telecommunications services provider.
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