UPDATE: Topeka Capital Markets Downgrades LG Display to Sell Following Share Run
Topeka Capital Markets reduced its rating on LG Display (NYSE: LPL) from Hold to Sell and lowered its price target from $16.15 to $12.
Topeka Capital Markets noted, "In our view, LPL's stock has overshot to the upside over the past six months with a 91% increase from the lows in June and now trades at a valuation level that we believe could prove to be the peak of this cycle. As such, we are downgrading our investment opinion on LG Display to SELL from HOLD and lowering our 12-month price target to $12.00 from $16.15. We advise investors to swap out of LPL and into Corning (GLW-$12.63: Buy)."
LG Display closed at $16.05 on Monday.
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