HSBC has raised its target price for Hybe, the company behind Kpop sensation BTS , even as the band’s March comeback concert in Seoul drew a smaller crowd than expected. The bank reiterated its “buy” rating for the stock, increased its target price for Hybe to 500,000 won ($332) from 420,000 won and gave it a 31% upside potential in a note to investors. HSBC also addressed “the market’s three big questions” for Hybe. “As the BTS comeback is well-known, where can positive surprises come from?” HSBC analyst Junhyun Kim wrote. The strength of demand for BTS’s forthcoming world tour is one such positive, Kim noted, leading the bank to increase its estimation of the show’s total audience from 3 million to 3.5 million. Ticket prices, which the bank estimated to be around 220,000 won, were increased to 300,000 won. The second question is whether Hybe can keep up momentum during the 2027 leg of BTS’ tour, Kim said. HSBC predicted operating profit growth of 18% year-on-year in 2027 thanks to the increased BTS shows as well as “robust” interest in Hybe’s “rookie artists,” such as South Korean boy band Cortis and global girl group Katseye. Investors are also asking whether Hybe can monetize music genres beyond Kpop, HSBC said. Katseye, based in Los Angeles, gave the company “valuable experience in the global pop music market.” “We expect the company to manage production costs more efficiently in the future, while monetising global IPs by hosting offline concerts at a faster pace than K-pop artists’ usual path for world tours,” Kim wrote. The seven-member group performed live in Seoul’s Gwanghwamun Square on Saturday with about 100,000 people in the crowd, falling short of a 260,000 forecast. Shares in Hybe’s stock fell 15% on Monday. Despite this, HSBC maintained its March 18 target price for the stock, the bank confirmed to CNBC via email on March 25. Analyst Jiwoo Oh from CGS International similarly retained her “Add” call, with a target price of 480,000 won in a March 19 note to investors. “Based on our estimates, we forecast yoy growth of 98% merchandise and licensing, 6% in content, 22% in fan club, and 8% in advertising and appearance, which we attribute primarily to the BTS comeback effect,” Oh told CNBC via email on March 25. Hybe owns the band’s record label, Big Hit Music, which brought BTS to international fame after the release of their first album in 2013. — CNBC’s Joseph Wilkins and Lim Hui Jie contributed to this report.