Shares of SK hynix surged by as much as 12% in intraday trading on the Korea Exchange, buoyed by a 27% overnight jump in its American Depositary Receipts (ADRs).
Barclays initiated coverage on the company's ADRs with an "overweight" rating and a price target of $330.
Calculations indicate this target price implies an upside potential of approximately 70% from Tuesday's closing price.
A team of analysts led by Simon Coles stated in a research report, "We anticipate the supply-demand tightness in the memory chip sector will intensify further in 2027, with limited room for improvement in the supply-demand balance in 2028."
The analysts added that establishing front-end wafer fabrication operations in the United States could help narrow SK hynix's valuation gap with competitor Micron.
SK hynix's shares listed in South Korea have accumulated a gain of 221% year-to-date.
The benchmark KOSPI index rose as much as 7.3% during the session, with shares of Samsung Electronics climbing 8%.
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SK Hynix Shares Surge as Barclays Sets $330 Price Target
Deep News08:40
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