SK Telecom downgraded to Underperform on ‘stretched valuation’ at BofA

As previously reported, BofA analyst Sun Jung Lee downgraded SK Telecom (SKM) to Underperform from Neutral with a price target of KRW 68,000, up from KRW 67,000, citing what the firm views as a “stretched valuation.” The firm is applying a higher value to SK’s stake in Anthropic, reflecting Anthropic’s valuation during the latest funding round, but notes that SK’s share price has risen 56% since January 16 and post-outperformance it believes the “risk-reward is more skewed to the downside.”