Samsung Electronics shares trade at new record
Shares of South Korean tech giant Samsung Electronics Co Ltd traded at a new intraday record of 1.585 million won ($1,433.73) per share in early trade on Thursday, buoyed by hopes for continued earnings recovery.
Samsung, the world`s No. 1 smartphone and memory chip maker, in late July reported its best quarterly profit in more than two years as its flagship Galaxy S7 smartphones propelled mobile earnings.
The median price target price from a Thomson Reuters I/B/E/S survey of 43 analysts for Samsung Electronics shares is currently 1.8 million won.
On Monday the company stated that it has bought U.S. cloud services firm Joyent Inc in June for 185.3 billion won ($170 million).
Samsung disclosed the acquisition price in a regulatory filing for its first-half business results. The tech giant announced the acquisition in June but did not disclose the financial terms at the time.