SK hynix (NASDAQ:SKHY) Shares Up 2.6% on Analyst Upgrade

SK hynix Inc. (NASDAQ:SKHY)’s stock price rose 2.6% during mid-day trading on Wednesday after Citigroup upgraded the stock to a strong-buy rating. The company traded as high as $165.47 and last traded at $164.98. Approximately 11,081,099 shares changed hands during trading, a decline of 66% from the average daily volume of 32,631,084 shares. The stock had previously closed at $160.78.

A number of other research analysts have also commented on the stock. Wedbush upgraded shares of SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Cantor Fitzgerald assumed coverage on SK hynix in a report on Tuesday, August 4th. They issued an “overweight” rating and a $300.00 target price on the stock. Needham & Company LLC increased their price target on SK hynix from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Singular Research upgraded shares of SK hynix to a “strong-buy” rating in a research report on Friday, July 10th. Finally, Rosenblatt Securities started coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $320.00 price objective on the stock. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, SK hynix has an average rating of “Buy” and a consensus target price of $248.00.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last announced its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share (EPS) for the quarter. The company had revenue of $51.19 billion during the quarter. On average, research analysts forecast that SK hynix Inc. will post 25.48 EPS for the current fiscal year.

About SK hynix

SK hynix Inc is a South Korea-based semiconductor company that develops, manufactures, and sells memory products used in a wide range of electronic devices and computing systems. Its portfolio includes DRAM, NAND flash, and other memory solutions that support applications such as servers, PCs, mobile devices, and consumer electronics.

The company serves customers globally through the semiconductor supply chain and is recognized as one of the major memory chip producers in the industry.