Goldman Sachs downgraded SK Telecom (SKM) to Neutral from Buy with a price target of KRW 57,000, down from KRW 69,000. The firm is more cautious on the overall industry’s profitability and SK’s commitment to its artificial intelligence initiative, which Goldman thinks limits the company’s capacity to improve shareholder return. It has turned more bearish on the South Korea telecom services sector, and thinks the stock is looking less attractive.
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