South Korean analyst: SK hynix’s pullback may offer a buying opportunity

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BlockBeats message, July 16 — Young-gun Kim, a securities analyst at Mirae Asset Securities in South Korea, said in a report that SK Hynix’s recent pullback provides a highly attractive opportunity to increase exposure to the stock.

The analyst said the current weakness appears to reflect an unusually sharp cooling in optimism surrounding second-quarter performance and the ADR listing. Mirae Asset Securities lowered its second-quarter operating profit forecast by 12%, but kept its Buy rating and its target price of 4,200,000 won unchanged.

The analyst said that although the stock price has pulled back, spot prices for storage chips continue to strengthen, while growth in reserved orders is unlikely to slow meaningfully.

SK Hynix-10.61%
SKHY-8.93%
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