Analysts have boosted their targets for Samsung Electronics as the stock extends its rally, pointing to stronger earnings momentum from memory chips and high-bandwidth memory (HBM) demand.
Goldman Sachs raised its 12-month price target to W96,000 from W84,000, reiterating a Buy rating.
The bank said it lifted third-quarter operating profit estimates to W10.2 trillion, up from W8.9 trillion, citing “better conventional memory volume and pricing, smaller operating loss from foundry/system LSI,” and a higher USD/KRW foreign exchange (FX) rate assumption.
It also revised up 2025–27 earnings forecasts by 8–24% on firmer DRAM/NAND pricing and higher HBM volumes. Goldman now expects HBM revenue to reach about $14 billion in 2026 and $19 billion in 2027, after raising estimates by 7% for both years.
“Our positive view on the name is intact – we believe any positive development in HBM going forward could act as a positive catalyst for the share price, given the still low expectations in the Street,” analysts led by Giuni Lee said in a note.
The analysts added that the setup into the second half of 2025 (2H25) and 2026 is favorable, with “major business lines including conventional memory, HBM, and foundry all set to see meaningfully improved earnings from the low base.”
With the stock still trading near its mid-cycle multiple of 1.3 times forward price-to-book, ahead of a multi-quarter memory pricing upcycle and a significant improvement in the HBM business, “the risk/reward continues to be favorable,” they wrote.
KB Securities was even more bullish, calling Samsung its top KOSPI pick. It raised its target by 22% to W110,000, implying about 33% upside, as 2025 and 2026 net profit forecasts were upgraded by 16% and 24% respectively.
The brokerage sees operating profit in the second half of 2025 reaching W20.8 trillion, up 33% year-on-year and the highest since 2H21.
2026 operating profit is expected to climb to W53.4 trillion, a near eight-year high, helped by stronger DRAM margins, reduced foundry losses, and growth in display panels.
KB also pointed to Samsung’s advantage in supplying HBM4 chips to Nvidia in 2026, saying the firm is “likely to have an advantage as a HBM4 supplier for Nvidia’s Rubin."
Both banks flagged AI-driven demand as the main driver. Goldman noted that surging hyperscaler spending, server upgrades, and tight supply are lifting memory fundamentals, with DRAM prices expected to rise for six consecutive quarters through the third quarter of 2026.
NAND pricing is also forecast to improve into 2026 on the back of eSSD demand for AI storage.
KB echoed this, expecting HBM shipments to “skyrocket in 2026” as Nvidia’s approval of Samsung’s 12-high HBM3E bolsters the case for HBM4 orders.
Source :
https://www.investing.com/news/stock-market-news/analysts-lift-samsung-stock-target-as-rally-extends-4250828
