Webtoon price target raised to $22 from $14 at JPMorgan

JPMorgan raised the firm’s price target on Webtoon (WBTN) to $22 from $14 and keeps a Neutral rating on the shares. The company announced a “major expansion” of its Disney (DIS) partnership under which Webtoon will build and operate a new digital comics platform, the analyst tells investors in a research note. The firm says the announcement signals a “significant step-up” in scale relative to the previously announced partnership. While the impact to near-term estimates is likely limited, the partnership is a strategic win for Webtoon, contends JPMorgan.