JPMorgan initiates SK hynix at Overweight with $245 ADR price target

JPMorgan started coverage of SK hynix at Overweight with a $245 price target on the ADR, which it equates to about 3.3 million won per Seoul share. The bank expects the AI-driven memory upcycle to last more than five years, with earnings per share compounding about 34% a year over the next two years. It also said long-term agreements already cover more than half of SK hynix's capacity, reducing exposure to price swings.

• Rating: Overweight; ADR target $245
• Target equals about 3.3M won per Seoul share
• EPS growth: about 34% a year over two years
• Long-term agreements cover more than 50% of capacity
• ADR closed at $190.07 on September 11