Samsung shares set a new intraday record high

Samsung lost billions in market value last year as the company's sluggish performance shook investor confidence and they just weren't willing to pay top dollar for its stock. Samsung hit it out of the park with the Galaxy S7 which has helped it post its best quarterly results in a couple of years. Investor confidence has returned as the sales momentum is expected to continue in the second half of this year aided by the newly launched Galaxy Note 7 which is receiving rave reviews. All of this has contributed to shares of Samsung Electronics setting a new intraday price record of 1.585 million won or $1,433 per share.

The company's share price hit the important 1.5 million won ($1,303) psychological mark last month for the first time since March 2015. The rally started after Samsung released its quarterly earnings and pushed Samsung's stock price to a record high. Investors are hopeful that Samsung's stellar performance is going to continue and earnings will recover hence the rally in share price. A median price target by 43 analysts suggests that the share will hit 1.8 million won ($1,624) which would be the highest it has ever been.

Adnan Farooqui - Executive Editor

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First Samsung device: SGH-E900

Adnan Farooqui is a long-term writer at SamMobile. Based in Pakistan, his interests include technology, finance, Swiss watches and Formula 1. His tendency to write long posts betrays his inclination to being a man of few words.

Source General Samsung Electronics