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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] SBS shares surged to their daily price ceiling on October 23, driven by news of a content supply partnership with Netflix and a wave of target price upgrades from analysts.
At 9:14 a.m., SBS was trading at 26,000 KRW, marking a 30% jump from the previous session's close. The stock initially rose by 25.25% at market open and quickly reached its upper limit.
On October 20, SBS announced a six-year strategic partnership with Netflix, set to begin next year. Under the agreement, SBS will supply Netflix with new dramas, entertainment shows, educational programs, and older content from its library.
Analysts have described the deal as "historic," resulting in significant target price adjustments. Hana Securities doubled its target price for SBS from 20,000 KRW to 40,000 KRW. Shinhan Investment increased its target from 20,000 KRW to 33,000 KRW, while Daishin Securities raised its forecast from 26,000 KRW to 29,000 KRW.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
