On the 24th, Shinhan Securities upgraded its investment rating for NC to 'Buy' and raised its target price to ₩330k. The firm cited the upcoming period of August and September, marked by new game launches and participation in international game shows, as an opportune time to buy.

Kang Seok-oh, a senior analyst at Shinhan Securities, set the ₩330k target price in a report released that day. This represents a 46.7% upside from the previous day's (the 23rd) closing price of ₩225k. The target price was calculated by applying a target price-to-earnings ratio (PER) of 15x to the 12-month forward earnings per share (EPS) of ₩22201.

Shinhan Securities projects NC's operating revenue for the second quarter of 2026 to reach ₩693.1 billion, a 81.3% increase from the same period last year. Operating profit is expected to reach ₩134 billion, a 788.6% year-on-year increase, resulting in an operating margin of 19.3%—a figure in line with the market consensus of ₩131.9 billion.

The primary driver for this improved performance is the inclusion of JustPlay, a casual game developer acquired by NC, into its consolidated earnings, with casual segment revenue projected to reach ₩142.7 billion. Shinhan Securities estimates NC's annual operating profit for 2026 at ₩476.7 billion, reflecting the anticipated performance of 'Aion 2' and 'Lineage Classic'.

Analyst Kang pointed to upcoming new game releases and game show participation as the basis for the 'Buy' recommendation. The global version of 'Aion 2' is confirmed for release on Steam and Purple on September 30, with marketing set to begin at Gamescom in Germany this August. 'Astra: Oratio', a new title developed by the former 'Blue Archive' team, is scheduled for a closed beta test (CBT) in August, followed by an exhibition at the Tokyo Game Show in September. Shinhan Securities expects the participation of these two titles in game shows to drive market anticipation starting in August.

The resolution of valuation concerns was also cited as a reason for the upgrade. "In the first half of the year, NC's stock traded at a 20-30% premium over the 10x PER average of KOSPI-listed game companies, but this burden has disappeared as earnings estimates were revised upward," Kang noted. "With valuation becoming more attractive, and momentum building from game show exhibitions and new releases, now is an opportune time to buy." He added that further revaluation could be possible as the company expands into new genres like shooters and subculture games, and as information on new titles based on the Horizon IP is revealed.