KB Financial upgraded, named Korea financials ‘Top Pick’ at Morgan Stanley

Morgan Stanley analyst Joon Seok upgraded KB Financial (KB) to Overweight from Equal Weight with a price target of KRW 105,000, up from KRW 94,000, following the recent correction and makes the stock the analyst’s “Top Pick” among South Korea financial stocks. Recent political developments have hit financial stocks “particularly hard,” and while the firm expects weaker sentiment in the near term, it views concerns about reform and the capital management push being derailed as “overdone,” the analyst tells investors.