Samsung Target Raised to KRW 490,000 as Memory Demand Outpaces Supply

Goldman Sachs lifts Samsung target to KRW 490,000 on strong memory outlook. HBM4 to drive 60% of revenue in late 2026, with supply tight through 2028.

Woofun AI reports that Goldman Sachs increased Samsung Electronics' 12-month target price from KRW 480,000 to KRW 490,000, citing second-quarter operating profits that met expectations. The bank raised 2026-2028 earnings per share forecasts by approximately 2%, projecting that memory demand will significantly exceed supply with the gap widening in 2027 and conditions remaining tight in 2028.

Goldman Sachs highlighted that long-term agreements with major data center customers enhance earnings visibility and provide downside protection. The firm anticipates HBM4 will constitute over 60% of HBM revenue in the second half of 2026, supporting Samsung's goal to lead the AI memory market. With shareholder returns approaching 50% and a 2027 estimated P/E ratio of 3.1, significant upside potential is expected.