DB Securities raised its price target for Samsung Electro-Mechanics to 2 million won from 1.5 million won, citing further price increases for multilayer ceramic capacitors (MLCCs) and flip-chip ball grid array (FCBGA) semiconductor package substrates. The new target is 37.2% above the company’s previous-session close of 1,458,000 won, while the brokerage maintained its buy rating. DB Securities said long-term agreements (LTAs) for MLCCs are being signed at prices above current delivery levels. Pricing negotiations cover increases of about 30% for products sold through IT distribution channels, similar increases for products sold directly to IT customers, and roughly 20% for data-center products. Capacity constraints and technical barriers limit supply, particularly for server-grade products. The share of high-value server products in FCBGA is expected to rise to nearly 70% next year from 60% this year. DB Securities forecasts third-quarter operating profit of 621 billion won, 138.5% higher than a year earlier and 4.1% above the 596 billion won market consensus.