Goldman Sachs: SK Hynix Target Price 3.5 Million Won on Rising HBM Pricing

TechFlow reports that, according to Chaoxiang Research, Goldman Sachs’ September 22, 2026 research note sets a 12-month target price for SK Hynix at KRW 3,500,000, up from the current price of KRW 1,868,000, representing an upside potential of 87.4%. Goldman Sachs anticipates a growing revenue share from HBM4, with HBM ASPs and margins expected to rise in the second half of the year compared to the first half, and HBM ASPs continuing to climb in 2027.

Goldman Sachs believes that tight supply conditions for HBM and DRAM will persist, while long-term agreements (LTA) provide demand visibility, leading to a reaffirmed Buy rating. The firm recommends monitoring progress in HBM pricing and LTA coverage.