LG Innotek Could Post Weaker-Than-Expected 3Q Earnings -- Market Talk

Dow Jones10-14

0442 GMT - LG Innotek could post weaker-than-expected earnings for 3Q and the full year due to sluggish iPhone 16 sales at launch, HSBC analysts Will Cho and Hankil Chang write in a note. They cut their operating-profit estimates for the South Korea-based Apple supplier by 9% for the July-September quarter and by 15% for 2024. Initial iPhone 16 sales numbers look disappointing, but sales growth should strengthen toward 4Q as on-device artificial-intelligence features should help improve iPhone users' experience and boost sales, they say. HSBC cuts its target on LG Innotek by 5.7% to KRW330,000 but keeps a buy rating. Shares are 0.7% higher at KRW203,000.(kwanwoo.jun@wsj.com)

(END) Dow Jones Newswires

October 14, 2024 00:42 ET (04:42 GMT)

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