SK hynix Inc. shares rose over 6% in premarket trading on Tuesday. Investors remain bullish on the memory-chip maker following its successful U.S. listing on the Nasdaq.
The company maintains a strong position in the high-bandwidth memory (HBM) market. This technology is essential for artificial intelligence applications.
Barclays initiated coverage on SK hynix American depositary receipts (ADRs) with an overweight rating. The bank set a price target of $330.00.
The U.S. listing raised $26.5 billion, marking one of the largest-ever debuts for a foreign company.
In contrast, the company's Seoul-listed shares declined sharply. Local investors engaged in profit-taking following the ADR launch.