TLDR
SK Hynix (SKHY) opened Thursday at $189 after falling 3% the previous session. Wolfe Research raised its SKHY price target to $250 from $200, implying roughly 32% upside. Analyst Chris Caso reiterated a Buy rating, citing strong memory pricing and cash flow. Wolfe also lifted its Micron (MU) target to $1,500 ahead of earnings on September 30. Wall Street holds a Strong Buy consensus on both memory chipmakers. SK Hynix (SKHY) stock opened Thursday at $189 after dropping 3% the day before. The stock recently touched a yearly high of $199.86 but has yet to clear the $200 mark.
SK hynix Inc., SKHY
Wolfe Research thinks that ceiling won’t hold for long. Analyst Chris Caso raised his price target on SKHY to $250 from $200, implying about 32% upside from current levels.
Caso ranks 82nd out of more than 12,500 analysts tracked by TipRanks. His calls have a 63% success rate and an average return of 32.70%. The upgrade wasn’t limited to SK Hynix. Wolfe also reiterated a Buy rating on Micron (MU), setting a $1,500 price target on that stock too. Why Wolfe Is Bullish on Memory
Caso pointed to continued pricing strength across the memory sector as the main driver behind the higher targets. He expects demand to outpace supply through at least 2028. High-bandwidth memory pricing and faster capacity expansion are also part of the thesis.
Caso expects further HBM price increases in 2027, layered on top of the rally that started in late 2025. He addressed concerns about “de-speccing” in memory chips too. According to Caso, reduced specifications stem from limited supply rather than HBM losing value.
Long-term agreements cap prices on part of the bit shipments both companies sell. But Caso sees near-term upside coming from business outside those contracts. Cash Flow and Buybacks in Focus
The analyst highlighted free cash flow as a key part of the story. He expects SK Hynix and Micron to generate enough cash in 2026 and 2027 to repurchase 32% and 25% of their respective market caps. That could boost 2027 earnings per share by up to 47% for SK Hynix and 34% for Micron, according to Wolfe’s estimates.
If strong conditions carry into 2028, combined buybacks could top 50% of both companies’ market value. “While much of the positive outlook is already known, we think the cash flow will be difficult to ignore,” Caso wrote in a note to investors. Caso also factored in currency effects. A 14% strengthening of the Korean won against the dollar during the quarter could weigh on SK Hynix’s operating margin, he noted.
Micron reports fiscal fourth-quarter earnings on September 30. Wall Street expects EPS of $31.49, up sharply from $3.03 a year earlier, with revenue projected to jump around 350% to $50.91 billion. Wall Street maintains a Strong Buy consensus on both stocks.
TipRanks data shows the average price target implies higher upside for Micron than for SK Hynix. Year-to-date, Micron stock has climbed about 276%. SK Hynix’s U.S.-listed shares are up around 13% over the same stretch. Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform. Sign up today and get 50% OFF full access to our premium stock picks. Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
