Goldman Sachs Raises SK Hynix, Samsung, and Kioxia Target Prices by Up to 60% on June 1

According to a global semiconductor storage report from Goldman Sachs released on June 1, the bank significantly raised target prices for SK Hynix, Samsung Electronics, and Kioxia. SK Hynix's price target was lifted to 3.3–3.5 million won (implying 53% upside), Samsung's to 480,000 won (implying 60% upside), and Kioxia was upgraded to buy with a 12-month target of 93,000 yen.

The increases reflect a historic shift in the storage industry's valuation framework from price-to-book (P/B) to price-to-earnings (P/E), anchored at approximately 9x P/E. Goldman Sachs cited AI-driven sustained demand, supply constraints, and the proliferation of long-term agreements (LTA) as drivers transforming storage from a cyclical commodity business into predictable AI infrastructure. The bank also raised supply shortage forecasts, projecting DRAM, NAND, and HBM shortages extending to 2028, with HBM's 2027 market size revised up 54% to $116 billion.