JPMorgan downgrades LG Display to Neutral on slower turnaround

JPMorgan downgraded LG Display (LPL) to Neutral from Overweight with a price target of KRW 12,000, down from KRW 15,000, post the Q3 report. The firm cites a slower turnaround amid “muted” IT panel demand and rising price pressure at OLED, as well as a lack of catalysts for the downgrade. The analyst expects LG’s Q4 earnings to be below consensus and expects the shares to remain range-bound in the next six months before investor focus moves onto the iPhone 17 cycle or a potential recovery in IT panel business momentum.