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Samsung stock price prediction as it becomes the biggest phone maker in the world

Samsung stock price prediction as it becomes the biggest phone maker in the world

Since the start of 2024, Apple (NASDAQ: AAPL) has been losing ground on multiple fronts. The very start of the year saw Microsoft (NASDAQ: MSFT) overtake it to become the world’s largest company by market cap.

Towards the end of the first quarter, Apple also gave up on its electric vehicle (EV) plan – a plan in which Xiaomi (HKG: 1810), also a rival in the smartphone space, realized – all the while lagging behind in artificial intelligence (AI) technology

Finally, the smartphone sales report covering the first trimester of 2024 revealed that Apple is no longer the biggest phone maker in the world and that the honor now belongs to the South Korean big tech firm – Samsung (KRX: 005930).

Phone sales and market share in Q1, 2024. Source: IDC

With the changes in mind – and with the impact its dominance in the mobile phone market had on AAPL – Finbold decided to take a look at what the future might hold for the stock of Samsung.

Analysts forecast Samsung 12-month price target

Samsung shares, which have been mostly stagnant in the stock market since the start of the year and have only risen about 3% with the bulk of the surge taking place since late March, are generally expected to skyrocket in the coming 12 months.

Indeed, the average analyst price target for Samsung stands at ₩102,200 ($73.89) – 24.31% above their press time price of ₩82,200 ($59.43) – with the highest forecast expecting them to rise 52.07% to ₩125,000 ($90.38), per the information retrieved on April 15 from TradingView.

Additionally, the most bearish prediction would only see a modest 7.91% decline to ₩75,700 ($54.73).

Following from this, it perhaps isn’t surprising that Samsung maintains a ‘strong buy’ rating with 27 out of the 39 analysts represented on TradingView marking it as such. A further 8 consider it a ‘buy’ and 4 are ‘neutral.’

There are, at press time, no ‘sell’ or ‘strong’ sell ratings assigned to Samsung.

Samsung stock analyst rating. Source: TradingView

Finally, should Samsung repeat Apple’s performance after the American firm became the biggest phone seller in the world, the South Korean stock could rise as high as ₩1,033,330.8 ($747.10) – as much as 1,157.14%% – by the mid-2030s.

Samsung stock price chart

If the regaining of the top spot among the world’s phone manufacturers ignites a significant Samsung rally, it would be a notable change in trend compared to what the South Korean stock has been going through in recent months.

Indeed, though its 2024 performance is overall positive, Samsung is up only 3.27% in the green year-to-date (YTD), and had it not been for the last 30 days and the associated surge of 12.91%, the stock would have been in the red.

Samsung stock YTD price chart. Source: Google

The most recent performance has shown a renewed weakening as the stock is 3.52% in the red on the weekly chart and Samsung price today stands at ₩82,200 ($59.43) as it declined 1.79% in the last 24 hours of trading.

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