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Wolfe Research reiterates its "Outperform" rating on SK Hynix and sets a $250 price target, citing strong demand for high-bandwidth memory (HBM) from AI infrastructure. Analyst Chris Caso believes that rising HBM prices, increased memory output, and the current attractive valuation could all provide upside for the stock. Currently, the stock trades at about 4.5 times expected earnings under the bull-case scenario. Wolfe Research also estimates that if SK Hynix implements its shareholder return policy as expected, the free cash flow generated over the next two years could be sufficient to repurchase shares equivalent to 28% of its total share capital.