Samsung Electronics rebounds to snap 2-day losing streak

[THE INVESTOR] Samsung Electronics’ rebounded on June 15, breaking a two-day losing streak as the stock price due to upbeat analyst assessments about its second quarter earnings.

“Thanks to the fall in raw material costs, operating profits of IT and mobile division are expected to reach 4 trillion won, beating existing estimations by 30.5 percent,” said Noh Keun-chang, analyst at HMC Investment & Securities. The brokerage house raised the Price target to 1.41 million won from 1.4 million won.

The stock ended 2.39 percent higher to close at 1,413,000 won ($1,204) following a 2.97 percent retreat over the previous two sessions.

Local brokerage houses raised their estimates for Samsung Electronic’s Q2 operating profit and target price.

By Park Han-na (hnpark@heraldcorp.com)