SK Hynix shares gained 3.9 percent to $172.88 in overnight trading, with the stock hitting a session high of $178.43.
Bank of America upgraded SK Hynix to Buy and set a $250 price target, implying 45 percent upside from current levels. The upgrade targets tight high-bandwidth memory supplies and expanding long-term contract wins as the primary catalysts.
HBM remains the critical supply-constrained memory product driving AI infrastructure buildouts. Bank of America's upgrade reflects confidence that SK Hynix will capture meaningful market share as customers lock in capacity through long-term agreements. This pricing power is not yet fully reflected in consensus estimates.
The stock also benefited from a 3.6 percent pre-open rally following SK Hynix's announcement of a 40 trillion Korean won share buyback and cancellation program—valued at approximately $28.3 billion and the largest shareholder return in company history.
SK Hynix manufactures DRAM for servers, graphics and mobile devices, NAND flash memory and SSDs. The company also operates a foundry business serving server, networking, automotive and consumer markets. Its geographic footprint spans Korea, China, Asia, the United States and Europe.
