RESEARCH ALERT - JPMorgan ups Kia Motors to overweight

Published: 01 Jul 2009 18:21:13 PST

SEOUL, July 2 - JPMorgan upgraded Kia Motors to "overweight" from "neutral" and raised its target share price on South Korea's No.2 carmaker by 33 percent.

JPMorgan cited "incrementally strong volume momentum in overseas markets ... new model launches ... continuous improvement in interest expense coverage from growing earnings power," as positive factors, raising its target share price to 15,000 won from 11,300 won.

Shares in Kia Motors were up 2.81 percent at 12,800 won as of 0212 GMT, versus the broader market's 0.24 percent rise.