Goldman Sachs cuts KOSPI 12-month target by 25% to 9,000

The scale of the cut matters more than the new number: a 25% reduction in a 12-month target signals that sell-side valuation frameworks are being rebuilt around AI-sector risk rather than treated as a temporary drawdown. The striking detail is the residual upside Goldman still models after that reset, which suggests the revision reflects lowered assumptions about earnings or multiples rather than a bearish call on the market itself. For Korean equities, the read-through extends to how much of the index's AI-linked premium is now being repriced. Whether other houses follow with similar target cuts is the open question.