J.P. Morgan continues to be optimistic about SK Hynix: market concerns are overblown, and three major catalysts are on the way.

JPMorgan stated in its research report that some concerns have been exaggerated by the market, and the most severe negative sentiment in recent times may have passed. The bank pointed out that over the next one to two months, the new shareholder return policy, HBM contract prices, and updates on Solidigm's listing plans will be the three key catalysts affecting SK Hynix's share price. JPMorgan maintains an "Overweight" rating for SK Hynix, with a target price of 2.75 million KRW by June 2027, based on a price-to-earnings ratio of seven times the average earnings per share for 2026-2027. The main downside risks remain that DRAM prices and profit margins may be lower than expected, along with deteriorating end demand and inventory; if demand continues to exceed expectations and drives DRAM prices further up, it could create new upside catalysts.