Mirae Asset Cuts SK Hynix Target Price to 2.8M Won, Down 33%, Maintains Buy Rating

According to Mirae Asset, on July 29 the South Korean financial group cut SK Hynix target price to 2.8 million won from 4.2 million won, a 33% reduction, while maintaining a buy rating. Based on July 28 closing price of 1.55 million won, the new target implies approximately 80.6% upside potential.

Mirae Asset attributed the adjustment mainly to valuation contraction across the semiconductor industry amid concerns over China's domestic chipmaking progress and expected NAND contract price declines. However, the firm emphasized these factors have limited real impact on SK Hynix's earnings outlook. The research highlighted that Google Cloud's backlog rose to 51.4 billion dollars while DRAM 16Gb spot prices continued rising over 50 consecutive trading days, indicating near-term price support. Mirae Asset expects SK Hynix second-quarter operating profit to reach 62.3 trillion won, up 65.7% from the prior quarter.