Samsung Target Hits KRW 490K as Goldman Sachs Maintains 'Buy' Rating

Goldman Sachs has maintained its 'Buy' rating for Samsung Electronics and set a target stock price of KRW 490,000. The move comes as the company's memory earnings and the October 8 preliminary release are expected to be key drivers of the stock story.

The consensus operating profit estimate for Samsung in Q3 stands at KRW 106.94 trillion, according to FnGuide. This would mark a new scale for the company's quarterly operating profits.

Samsung reported revenue and operating profits of KRW 171.5 trillion and KRW 89.5 trillion respectively in the second quarter of this year. The Device Solutions division generated KRW 127.5 trillion of revenue and KRW 89.2 trillion of operating profit, making memory pricing a crucial factor for the next earnings reaction.

The Goldman Sachs target is based on a segmented valuation for 2026 and 2027, but there are downside risks, including severe deterioration in memory supply and demand, stronger HBM competition, and widening foundry losses.