South Korean Analyst: SK Hynix Pullback May Provide Buying Opportunity

TechFlow news, July 16, Mirae Asset Securities analyst Young-gun Kim stated in a report that SK Hynix's recent pullback provides a highly attractive opportunity to increase exposure to the stock. The analyst said that the current weakness seems to reflect an unusually sharp cooldown in optimism surrounding second-quarter earnings and the ADR listing. Mirae Asset Securities lowered its second-quarter operating profit estimate by 12%, but maintained its buy rating and target price of 4,200,000 won unchanged. The analyst said that despite the stock price pullback, spot prices for memory chips continue to strengthen, while growth in backlog orders is unlikely to slow meaningfully. (Jin10)