SK Hynix Receives Its Most Bullish Price Prediction: Check Target

South Korea’s semiconductor giant SK Hynix stock (NASDAQ: SKHY) opened Thursday’s trading session at $154. The new equity in the market, which debuted on July 10 via American Depositary Receipts (ADRs), saw several ups and downs over the month. It had reached a high of $194 but also slipped south to $124. The seesaw came as tech stocks experienced heightened volatility due to anxiety over high valuations, spending, and rising competition.

On the heels of the ongoing price grind, New York-based investment banking firm Rosenblatt Securities initiated a buy rating on SK Hynix stock this month. The financial firm urged clients to accumulate SKHY, predicting that it is on course to double the invested amount. This is making the leading equity a buzzing asset, as the firm is confident it could generate gains of more than 100%. This makes the asset a must-watch, as the upward potential is immense.

Also Read: Microsoft Stock Price Target Raised By Bernstein: Find Out Here

This is SK Hynix’s new price target (SHKY)

Kevin Cassidy, the Senior Research Analyst at Rosenblatt Securities, wrote in a note to clients in early August urging institutional clients to start taking entry positions in SK Hynix stock. According to the latest price prediction, the analyst has given SKHY a price target of $320. That’s more than double the price it is trading at on Thursday, at $154. The analyst estimates a profit of $166 per share if investors take an entry position at today’s price.

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