Goldman Sachs lowers SHIFT UP stock price target to KRW64,000

Goldman Sachs reduced its price target for SHIFT UP Corp (KS:462870) to KRW64,000 from KRW71,000, attributing the cut to adjusted game release schedules impacting 2026 profit forecasts. Despite anticipating subdued near-term momentum due to a lack of immediate new releases, the firm maintained its "Buy" rating, emphasizing strong long-term prospects from future releases and the company's attractive valuation at 15x 2025E/26E average P/E versus a 25.4x global peer average.

Analysis

Goldman Sachs has adjusted its outlook on SHIFT UP Corp (KS:462870), reducing the price target to KRW64,000 from KRW71,000 while maintaining a "Buy" rating. The price target reduction is a direct consequence of a revised game release schedule, which has led to downward revisions in the firm's 2026 operating profit and net profit forecasts. This delay is expected to create near-term headwinds, with share price momentum likely to be subdued due to a lack of immediate catalysts. However, the firm's long-term conviction remains intact, anchored by expectations of strong earnings momentum in 2027 from new titles and the company's established track record of producing successful games. A key component of the bull case is valuation; SHIFT UP trades at a significant discount to its peers, with a 15x 2025E/26E average P/E ratio compared to the global peer average of 25.4x, suggesting a compelling entry point for patient investors.

Key Decisions for Investors

• Long-term investors may view the anticipated near-term share price weakness as a buying opportunity, given the stock's attractive valuation at a 15x P/E ratio versus the 25.4x peer average and a positive growth outlook for 2027.
• Investors with a shorter time horizon should exercise caution, as the lack of imminent game releases is expected to subdue stock momentum until new catalysts emerge.
• Monitor the company's execution on its revised game development and release timeline, as this is the primary variable affecting both the 2026 forecast and the long-term investment thesis.