Needham & Company LLC Forecasts Strong Price Appreciation for SK hynix (NASDAQ:SKHY) Stock

SK hynix (NASDAQ:SKHY) had its target price upped by investment analysts at Needham & Company LLC from $200.00 to $220.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the memory chip maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 41.37% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Royal Bank Of Canada began coverage on SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 price objective for the company. UBS Group initiated coverage on SK hynix in a report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 target price on the stock. Wall Street Zen raised SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. William Blair began coverage on SK hynix in a research report on Tuesday, August 4th. They issued an “outperform” rating for the company. Finally, Wedbush upgraded shares of SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, SK hynix currently has a consensus rating of “Buy” and a consensus target price of $248.00.

SK hynix Price Performance

Shares of NASDAQ SKHY traded down $7.79 during mid-day trading on Monday, reaching $155.62. 11,638,587 shares of the company traded hands, compared to its average volume of 37,194,941. SK hynix has a fifty-two week low of $124.80 and a fifty-two week high of $194.80.

SK hynix (NASDAQ:SKHY) last released its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The firm had revenue of $51.19 billion for the quarter. Equities analysts forecast that SK hynix will post 25.48 earnings per share for the current year.

SK hynix Company Profile

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.