SK Hynix stock (NASDAQ: SKHY) opened Thursday at $189 after falling 3.12% the previous day. The leading South Korean semiconductor giant is eyeing a breach of the $200 level and a new chart high. It had reached a yearly high of $199.86 in September but failed to climb above the $200 zone. The bulls are eagerly waiting to hit the new milestone and usher SKHY into unexplored territory in the indices.
On the heels of the ongoing positivity and the run to $200, capital market company Wolfe Research has painted a bullish picture for SK Hynix stock. According to the price prediction, SKHY could comfortably climb above the $200 zone and also move forward, leaving behind the $190 level. This makes SKHY a must-watch stock, as the upside tick remains profitable for investors. In this article, we will highlight the price target for the semiconductor giant.
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SK Hynix Stock: Here’s How High SKHY Could Reach Next
Chris Caso, the Managing Director covering Semiconductors and Semiconductor Capital Equipment at Wolfe Research, provided a bullish price prediction for SK Hynix stock. He maintained his buy rating for SKHY and urged institutional clients to accumulate the leading semiconductor equity. According to the latest price prediction from the analyst, SK Hynix stock would reach a new target of $250.
The analyst had previously predicted that SK Hynix stock would reach a target of $200. He hiked the target by $50, indicating bullishness in the semiconductor giant. Traders can expect to make a profit of $60 per share if they take an entry position in SKHY at today’s price. It also marks an uptick and a return on investment (ROI) of approximately 32% from its current value. Therefore, an investment of $1,000 could turn into $1,320 if the price prediction from Wolfe Research turns out to be accurate.