Goldman Sachs Raises Target Price for Samsung Electronics to 490,000 Won, Expects Memory Demand to Exceed Supply

Goldman Sachs has raised its 12-month target price for Samsung Electronics to 490,000 won, up from the previous 480,000 won, anticipating that memory demand will significantly exceed supply, with the gap expected to widen by 2027 and supply remaining tight in 2028. The firm also increased its earnings per share forecast for 2026 to 2028 by approximately 2%. Goldman Sachs noted that Samsung Electronics has signed long-term agreements with major data center clients, providing better profit visibility and downside protection. Samsung aims to become a leader in the AI memory market, with HBM4 expected to account for over 60% of HBM revenue in the second half of 2026. The stock is currently trading at a forecasted price-to-earnings ratio of 3.1 times and a price-to-book ratio of 1.2 times, with a shareholder return rate approaching 50%.