Analysts see a smartphone rebound for Samsung, helped by Huawei's woes, alongside strength in its semiconductor business, driving shares in the South Korean giant to all time highs.
Samsung shares could rally over 40% in the next year, according to one analyst who sees TV and smartphone sales rebounding sharply in the near-term and a boost in the chip division.
"We expect strong earnings upside to Samsung Electronics' earnings in 3Q20, led by the set device division," Kim said in a note. "In addition, we see multiple catalysts for SEC in 2021 on opportunities from 5G, memory and foundry, which should drive a rebound in its share price, in our view." But overall, analysts are bullish on Samsung's outlook over the next year and expect the stock to hit new record highs.
"While we assume SEC to maintain cost savings amid COVID-19, we expect a sharp rebound in sales of smartphones and TVs to drive robust earnings upside in 3Q20," Kim said.Kim said he forecasts that profit for the two business units that house smartphones and TVs will outgrow the component division, which includes semiconductors and displays, for the first time since the second quarter of 2016.
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