[Click eStock] "NCSoft, Negative Reviews for New TL Game... Target Price Down"
NH Investment & Securities lowered the target price for NCSoft from 530,000 KRW to 400,000 KRW, a decrease of about 25%, on the 20th. However, the investment rating was maintained at 'Buy.'
NH Investment & Securities explained that NCSoft recently conducted a domestic beta test for its upcoming new game 'TL' scheduled for release within the year, and lowered its earnings estimates reflecting the unfavorable evaluations related to the test. Additionally, based on the feedback from this test, they considered the possibility of a delayed release due to the need for improvements.
In fact, NCSoft's stock price fell by 23% following the beta test, indicating that the negative evaluations have been somewhat reflected. If the pointed-out issues are addressed before release, it could positively impact the stock price in the future.
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Jaemin Ahn, a researcher at NH Investment & Securities, said, "Due to the aging of existing games, NCSoft's performance is inevitably expected to decline this year. However, in 2024, when results from TL and other new titles emerge, a rebound is anticipated."
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