Wall Street financial firms have initiated coverage on SK Hynix's American Depositary Receipts (ADRs), issuing "buy" or "overweight" investment ratings.

On the 4th local time, at least six financial firms, including Bank of America, published their first reports featuring "buy" ratings on SK Hynix ADRs.

Previously, four other institutions, including UBS and Barclays, also initiated coverage on SK Hynix ADRs with buy ratings.

In its inaugural report, Bank of America analyzed that SK Hynix is currently undervalued.

The firm projected that robust orders from U.S. tech companies, a leading position in the advanced memory chip market, and expanding investments in artificial intelligence infrastructure will drive earnings to "super-cycle" levels.

Bank of America issued a "buy" rating alongside a price target of $250.

Previously, on July 30, UBS analyst Nicolas Gaudois issued a buy rating with a price target of $204 in his initial report.

Forecasting that the memory supply shortage could persist through 2028, he stated, "The current valuations do not fully reflect the structurally enhanced memory profitability, strengthened free cash flow generation capacity, and significantly expanded shareholder returns."

Among the newly initiating firms, the highest price target comes from Rosenblatt Securities at $320.

This represents an estimated upside potential of 124% compared to the closing price on the 3rd local time.

Amid a flood of undervaluation analyses from Wall Street firms, SK Hynix ADRs surged 8.17% on the New York Stock Exchange that day.

Reported by Jung Da-eun | Video by Kim Min-ji | Design by Lee Jung-joo | Produced by SBS Digital News