Barclays initiated coverage on SK hynix American Depositary Receipts (ADRs) with an Overweight rating following the company's Nasdaq debut. The bank set a price target of $330 per share.
Analysts expect a prolonged memory shortage to drive growth, particularly for high-bandwidth memory (HBM) used in AI applications. This supply tightness will likely increase pricing power and revenue.
Barclays highlighted the company's strong cash position as a catalyst for potential share buybacks. The initiation and positive outlook caused shares to surge in both New York and Seoul.