BofA Maintains Buy Rating on SK Hynix, Keeps ADR Target at $250
JOON HYOUNG LEE
Summary
- Bank of America maintained its buy rating on SK Hynix.
- The target price for SK Hynix ADRs was kept at $250.
- Bank of America said a prolonged memory supply shortage would support favorable semiconductor industry conditions.
Forecast Trend Report by Period
Bank of America maintained its buy rating on SK Hynix, according to ODaily and other media reports on August 27.
The firm also kept its price target for SK Hynix American depositary receipts at $250. The ADRs closed at $158.02 that day, down 0.95% from the previous session.
Bank of America expects a prolonged shortage in memory supply to continue supporting favorable conditions in the semiconductor industry.
SK Hynix shares rose on Nvidia's earnings surprise. The stock closed at 1.73 million won, up 2.49% from the previous session, after climbing as high as 1.788 million won shortly after the open before surrendering part of the gain.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul