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Samsung Securities Cuts CJ ENM Price Target by 34% to 47,000 Won Amid Q2 Earnings Miss

GateNews
Stocks
CJ ENM-5.43%
According to Samsung Securities, CJ ENM's second-quarter operating profit of 27 billion won fell short of consensus expectations of 34.4 billion won, prompting the brokerage to cut its price target by 34% to 47,000 won from 71,000 won in May. Revenue for the quarter was expected at 1.31 trillion won, down 0.5% year-over-year, while operating profit declined 5.5%. The downgrades reflect headwinds from a 19.2% decline in traditional TV advertising revenue, despite growth in CJ ENM's streaming service Tving, which maintains second place among domestic OTT platforms with 9.7 million monthly active users.
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