Samsung stocks declined 10.6%, with Monday's 7% fall its biggest one-day price decline in the technology giant’s 28-year history as a public company. However, analysts say they don’t see a bottomless drop.
The South Korean company launched the Galaxy Note 7 last month and recently issued a recall following reports batteries were catching fire. The manufacturer is urging owners to not use the smartphone. Airlines have called on passengers to stop using their phones while on a flight.
Meanwhile, shares of fierce rival Apple ( AAPL
) climbed 2.2 % on Monday, the stock rose by 6.5 percent.
Wall Street analysts say they anticipate Samsung stocks to remain little changed from current levels in the near term. Overall, 3 analysts have issued ratings on SSNLF
over the past year, 66% of them positive.
24 analyst firms issued ratings updates on Apple last week. Altogether 34 analysts issued ratings on AAPL
over the last 7 days, 83% of them positive with a medium price target of $120.
Analysts at firm Canaccord Genuity highlighted its successful product launch, "We believe the new iPhone products along with the now less expensive iPhone 6S combined with greater memory 32GB and 128GB options should enable Apple to continue to grow its high-end smartphone market share and improve replacement rate sales. We believe the iPhone installed base exceeded 500M exiting C2015 with overall connected Apple devices exceeding 1B users. We anticipate a stronger upgrade cycle in C2018 with the 10-year anniversary iPhone versus our expectations for the iPhone 7."