As previously reported, BofA analyst Jeehoon Park upgraded Shinhan Financial to Buy from Neutral with a price target of $35, up from $32. The firm expects the large Korean banks to benefit from enhanced investor interest in Korea coming from stronger export growth, the analyst tells investors. The firm cut its 2023 and 2024 earnings estimates for the group, but thinks shares have “likely already priced in bad news,” the analyst added.
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