Zacks Investment Research upgraded shares of SK Telecom (NYSE:SKM) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday, Zacks.com reports. They currently have $26.00 price objective on the Wireless communications provider’s stock.
According to Zacks, “SK Telecom Co. is the world’s first commercial CDMA digital cellular service. As of September 30, 1997, they have provided the highest quality service for more than 4 million cellular customers which includes 2.3 million digital cellular customers, and 7.1 million paging customers. “
A number of other analysts have also commented on SKM. Morgan Stanley raised SK Telecom from an equal weight rating to an overweight rating in a report on Monday, August 26th. ValuEngine lowered SK Telecom from a hold rating to a sell rating in a report on Monday, November 4th. Finally, JPMorgan Chase & Co. raised SK Telecom from a neutral rating to an overweight rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $26.00.
Institutional investors and hedge funds have recently modified their holdings of the business. Next Capital Management LLC bought a new stake in SK Telecom during the 2nd quarter worth approximately $26,000. Pacer Advisors Inc. purchased a new position in shares of SK Telecom in the 2nd quarter worth approximately $31,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in shares of SK Telecom in the 2nd quarter worth approximately $42,000. Mondrian Investment Partners LTD purchased a new position in shares of SK Telecom in the 3rd quarter worth approximately $41,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of SK Telecom in the 3rd quarter worth approximately $44,000. 10.39% of the stock is owned by hedge funds and other institutional investors.
About SK Telecom
SK Telecom Co, Ltd. provides wireless telecommunication services in South Korea. It operates in four segments: Cellular Services, Fixed-Line Telecommunication Services, E-Commerce Services, and Other Businesses. The Cellular Services segment offers wireless voice and data transmission services; cellular global roaming services; interconnection services; Internet of Things solutions; and platform services, as well as sells smartphones and basic phones, tablets and other Internet access devices, and wearable devices.
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