NKG [UNDERPERFORM -16.7%] - Earnings to rebound on sales & EBIT recovery, valuation runs ahead of fundamental progress

- We maintain our rating for NKG at UNDERPERFORM despite increasing our target price by 53% as the company’s share price has rallied by 58% over the last 14 months. - Our higher target price is due to (1) rolling our target price forward to mid-2025, (2)