Goldman Sachs says DRAM and high‑bandwidth memory (HBM) market outlook remains
strong into 2027. TrendForce expects rising server demand and limited supply
expansion to push DRAM prices higher through 1H 2028; consumer electronics
weakness is unlikely to remove the supply tightness, and long‑term agreements
(LTAs) could cover about 60–70% of volumes. Goldman forecasts 2027 HBM average
selling price up 122% YoY to $3.7 per Gb, driving global HBM revenue to rise
more than 230% YoY and exceed $200 billion. Goldman reaffirms Buy on Samsung
Electronics and SK Hynix with 12‑month price targets of KRW 500,000 and KRW
3,500,000, and maintains a KRW 380,000 target for Samsung Electronics preferred
shares.
