Barclays sets price target of US$330, SK Hynix shares rise sharply
Boosted by a 27% surge in American Depositary Receipts overnight, SK Hynix's largest intraday increase on the Korean Exchange was 12%. Barclays covers SK Hynix's American depositary receipts (ADRs) with an initial rating of "overweight" and a target price of $330. According to calculations, the target price has room for a 70% increase from Tuesday's closing price. A team of analysts led by Simon Coles said in a research report: "We expect that the supply and demand situation in the memory chip industry will further intensify in 2027, and there will be limited room for improvement in the supply and demand pattern in 2028." Analysts added that deploying front-end wafer manufacturing business in the United States is expected to narrow its relationship with the valuation gap between them. SK Hynix, which is listed in South Korea, has experienced a cumulative increase of 221% this year. The benchmark Korea Composite Index rose as much as 7.3% during the session, while Samsung Electronics rose 8%.