Nomura cut its target price for Hyundai Motor to 370,000 won from 520,000 won while maintaining a buy rating, citing higher interest rates and a stronger won’s impact on auto demand and export profitability. Analyst Angela Hong said production normalization after the settlement of labor unrest and new model launches could support a sequential recovery in the fourth quarter, but Hyundai must show stronger underlying earnings to sustain the improvement. Nomura lowered its 2026 net-profit forecast to 8.988 trillion won from 10.262 trillion won, and Hyundai shares were 3.4% lower at 282,500 won. In a separate report, NH Investment & Securities cut its target to 440,000 won from 540,000 won while retaining its buy rating, citing weaker currency effects, production disruptions and limited momentum in new businesses. Hyundai’s third-quarter revenue fell 3.4% year on year to 45.11 trillion won, while operating profit rose 5.5% to 2.68 trillion won, helped by favorable exchange rates and cost reductions. The company lowered its full-year operating-margin guidance to 5.5%-6.5% from 6.3%-7.3% but kept its revenue-growth guidance unchanged.