JPMorgan Chase & Co. raised its targets for South Korean stocks for the second time in less than a month, citing improvement in the semiconductor cycle, corporate governance reforms and industrial-sector growth.

The Wall Street bank lifted its base target for the Kospi to 9,000 and its bull‑case target to 10,000, implying a 33% upside from Friday’s close. That compares with base and bull targets of 7,000 and 8,500 set in late April.