Goldman Sachs Raises Forecast to 220%: "KOSPI Headed to 8,000, Led by Semiconductors"

KOSPI Upper Target Raised from 7,000 to 8,000

On the 20th, the KOSPI index started the session at 6213.92, up 22 points from the previous trading day. The index was displayed on the electronic board in the dealing room of Hana Bank’s head office in Jung-gu, Seoul. On the same day, the won-dollar exchange rate began trading at 1,479.5 won, down 4 won from the previous day. Photo by Jinhyung Kang, April 20, 2026

Global investment bank Goldman Sachs has raised its 12-month KOSPI target from 7,000 to 8,000.

On April 20, Goldman Sachs released a report stating that it has revised its forecast for KOSPI earnings growth this year from 130% to 220%, and is raising the index ceiling to 8,000.

The report projects that the fundamentals of Korea’s semiconductor and industrial sectors will continue to improve throughout the year. In particular, it identified demand for semiconductors related to artificial intelligence (AI) as the main driver behind the improvement in earnings.

It also forecast that the earnings growth rate for the broader market, excluding Samsung Electronics and SK hynix, would reach 48%.

In addition, despite the improvement in earnings, the report evaluated the KOSPI’s 12-month forward price-to-earnings ratio (PER) at around 7.5 times, which is significantly lower than the historical peak average of 10 times.

The report emphasized that the semiconductor-led selling trend has subsided since the end of January this year, and the share of Korean stocks in global funds remains low, suggesting the possibility of further inflows.

It also added that current share prices have not yet fully reflected value-up policies and expanded shareholder return programs, which is seen as a positive factor.

Previously, Nomura Securities also predicted that the KOSPI could reach 8,000 points on the back of strong semiconductor earnings.

This content was produced with the assistance of AI translation services.