Korean securities firms have unanimously raised target prices for Samsung Electronics, reflecting growing expectations for a memory semiconductor boom. SK Securities led the charge on September 17 by dramatically increasing its target price from 77,000 won to 110,000 won, representing a 42.9% upward revision.
SK Securities Projects Record 55 Trillion Won Operating Profit by 2026
Park Je-min, SK Securities researcher, projected that Samsung Electronics' operating profit will reach 55 trillion won in 2026, with memory division operating profit increasing 80% year-over-year to 36 trillion won, setting a new record.
This aggressive forecast reflects expectations that AI-driven memory demand will sustain significant growth through 2026.
The substantial target price increase by SK Securities represents one of the most bullish revisions among Korean brokerages, signaling strong confidence in Samsung's ability to capitalize on the AI infrastructure buildout and memory semiconductor super cycle.
Widespread Target Price Increases Across Korean Brokerages
Hana Securities also raised Samsung Electronics' target price from 84,000 won to 95,000 won, a 13% increase. Kim Rok-ho, Hana Securities researcher, cited favorable exchange rates, better-than-expected memory market conditions, and foldable series sales volume
as reasons for upgrading third-quarter earnings forecasts.
Mirae Asset Securities set the highest target price at 96,000 won, followed by NH Investment & Securities at 94,000 won, Korea Investment & Securities at 95,000 won, BNK Investment & Securities at 91,000 won, and both KB Securities and Kiwoom Securities at 90,000 won. Most brokerages have established target prices around the '90,000 electronics' level.
AI Server Demand Expected to Expand Beyond Specialized Applications
The target price increases are based on expectations that memory demand centered on AI servers will expand to general servers. Park Je-min of SK Securities analyzed that AI server-focused investment will expand to general servers for service infrastructure construction, and structural memory growth within the AI cycle will extend from HBM alone to server DRAM and SSDs.
Hana Securities forecasts Samsung Electronics' DRAM prices will rise 6% while volumes increase 8%. The brokerage also noted high potential for replacement demand for DRAM and eSSD installed in cloud-based servers and data centers from 2018 and 2020.
Supply Shortage Concerns for General-Purpose Memory
Kim Young-gun, Mirae Asset Securities researcher, predicted that memory prices will rise next year due to limited supply effects, and with HBM4 DRAM production capacity encroachment expected to expand, supply shortages could emerge if IT demand rebounds.
Samsung Electronics is expected to be a major beneficiary as its general-purpose memory production capacity accounts for 41% of the top three DRAM companies. Kim Rok-ho of Hana Securities projected that memory market conditions will maintain tight supply-demand balance through 2026 because supply is well-controlled, and additional price increases are possible if general server demand growth materializes.
Samsung Stock Approaches 80,000 Won Level After Strong September Rally
Samsung Electronics shares have surged 13.92% in September, trading at 79,400 won and representing a 49.25% gain year-to-date. The stock is approaching recovery to the '80,000 electronics' level for the first time in 13 months.
The convergence of multiple positive factors including AI infrastructure investment, memory supply discipline, favorable exchange rates, and strong corporate earnings expectations has created a supportive environment for Samsung's stock price recovery. Analysts expect this momentum to continue as AI-driven memory demand expands beyond specialized applications to mainstream server infrastructure.