Goldman Sachs strategist Timothy Moe and his team slashed the 12-month target for South Korea's KOSPI index from 12,000 to 9,000 points, a 25% reduction driven by mounting concerns over the artificial intelligence sector. The benchmark index has fallen more than 35% from its June peak, prompting the shift to more conservative valuation assumptions after earlier upgrades this year. Despite the downgrade, Goldman Sachs noted that sustained selling has left related stocks deeply undervalued, with the revised target still implying over 60% upside from current levels.