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YG Entertainment Shares Make Big Gain on ‘APT’ Release as K-Pop Stocks Rise Across the Board
YG Entertainment's stock was up on ROSÉ's 'APT' success while K-pop shares were up overall. The Billboard Global Music Index fell 0.6% to 1,974.72.
YG Entertainment surged 6.1% this week as the company appears to have scored a hit with “APT” by ROSÉ, a member of the girl group BLACKPINK, featuring Bruno Mars. Ahead of the company’s Nov. 12 earnings release, numerous analysts increased their price targets on the concert promoter’s stock this week: Redburn Atlantic (to $126 from $118), Jefferies (to $132 from $113), JP Morgan (to $137 from $118) and Goldman Sachs (to $132 from $128). Global subscription penetration (excluding China) “remains relatively low” at 15%, Goldman analysts explained in a Tuesday (Oct. 22) investor note, and Spotify has the ability to further raise prices.
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