SK Hynix Holds Buy Ratings Despite Trimmed Targets as Micron Fuels a 3.2% Advance

SK Hynix rose 3.2% to KRW 1,833,000 after Micron's strong quarter and record Korean chip exports, even as DS Investment and Bernstein cut targets.

South Korean memory makers got a double shot of encouragement this week, and SK Hynix was quick to reflect it. A blowout quarterly report from U.S. rival Micron Technology, paired with fresh records in Korea's semiconductor export figures, revived confidence that demand for advanced memory is nowhere near cooling off. The stock responded by climbing 3.2% to KRW 1,833,000.00, extending a rally that has now delivered a 182% gain since the start of the year.

That upbeat session stood in contrast to the more measured tone analysts had struck only two days earlier, when several houses trimmed their expectations for the chipmaker.

Two Houses, Two Haircuts

On Tuesday, DS Investment & Securities lowered its price target on SK Hynix to KRW 2.64 million, down from KRW 3.1 million, while keeping its Buy rating intact. The brokerage also cut its third-quarter earnings forecast, projecting revenue of KRW 89.5 trillion and operating profit of KRW 70.1 trillion.

Bernstein took a similar step. Analyst Mark Li reduced his target to KRW 2.7 million from KRW 3.3 million, citing more conservative assumptions about both the pace of progress and pricing for high bandwidth memory (HBM). Like DS Investment, Li left his Outperform call unchanged.

The revisions trace back to two forces. A stronger Korean won erodes the value of export receipts once converted back into the local currency, and the ramp-up of sophisticated memory products such as HBM demands temporary manufacturing adjustments before richer margins take hold.

Not Everyone Is Trimming

Wolfe Research moved in the opposite direction. On September 23, analyst Chris Caso raised his target from $200 to $250 and reaffirmed an Outperform rating, pointing to steadily improving prices across the memory market.

The broader trading environment has lent support as well. Softening bond yields offered some relief, while reports of persistent capacity constraints kept the supply picture tight. Investors are watching high-performance memory inventories closely, with scarcity in that segment underpinning sentiment.

Solidigm Funding Still an Open Question

Alongside the day-to-day chip business, SK Hynix is weighing how to finance its U.S. subsidiary Solidigm. Management has made clear that no decision has been reached on the unit's capital plans, including the possibility of a U.S. listing, and that internal and external funding options remain under review. Any path, the company said, will be judged by its economic impact on existing shareholders and on long-term corporate value.

Deepening Ties Across the AI Supply Chain

On the technology front, SK Hynix used a TSMC conference to showcase memory solutions including HBM, eSSD and SOCAMM2. On Monday it collected a Partner of the Year award for its work with TSMC's packaging technology on validating HBM5.

The company is also building out its investment arm. On September 18 it launched SK hynix Ventures in Silicon Valley, a unit tasked with expanding strategic stakes in data centers, system software and optical interconnects. Media reports about a possible memory chip production venture with Intel in the U.S. remain unresolved; as of September 16, the company said no plans had been finalized.