Goldman Sachs downgraded SK Telecom (SKM) to Sell from Neutral with a price target of KRW 42,000, down from KRW 54,000. The firm sees a bigger than expected data breach impact after the Ministry of Science and ICT found SK liable for the incident and exemption of the early termination fees justified. Goldman believes the level of counter measures from the company “suggest there is real risk of brand deterioration.” It thinks this may drag on SK’s market share.
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