Sk Telecom Corporati Downgraded to “Neutral” at Zacks (SKM)
Sk Telecom Corporati (NYSE:SKM) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report released on Thursday, American Banking News reports. They currently have a $26.00 price target on the stock. Zacks‘ price target would suggest a potential upside of 5.61% from the stock’s previous close.
Zacks‘ analyst wrote, “We downgrade our recommendation on SK Telecom from Outperform to Neutral. Stiff competition and saturation continue to affect the company’s wireless market. Further, high marketing expenses associated with smartphone rollout could further increase promotional expenses. However, strong ancillary units, new businesses and an expanding Long Term Evolution (LTE) subscriber base will likely help the company to sustain its performance. SK Telecom’s focus on developing LTE-Advanced technologies coupled with the rollout of LTE-Advanced smartphones will further drive subscriber growth. Launch of affordable video services will further boost its topline. Moreover, SK Telecom has teamed up with different foreign carriers to offer LTE roaming service in different countries.”
Sk Telecom Corporati (NYSE:SKM) traded down 2.11% during mid-day trading on Thursday, hitting $24.10. The stock had a trading volume of 301,035 shares. Sk Telecom Corporati has a 52-week low of $15.63 and a 52-week high of $25.16. The stock’s 50-day moving average is $23.82 and its 200-day moving average is $22.56. The company has a market cap of $15.323 billion and a P/E ratio of 9.40.
SK Telecom Co, Ltd. (NYSE:SKM) is a Korea-based wireless telecommunications services provider.
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