SK Hynix Falls 3% Despite Wolfe Research Raising Target to $250; SanDisk, Micron Also Slip

SK Hynix shares fell 3% to $189.79 on Tuesday despite Wolfe Research raising its price target to $250 from $200, with SanDisk dropping 3% and Micron sliding 2% amid broad sector weakness. The Roundhill Memory ETF declined 3%, outpacing the Invesco QQQ Trust's 0.87% drop, indicating investors are selling memory and storage stocks more aggressively than the broader tech market. Wolfe reiterated its Outperform rating, citing continued memory pricing improvements and demand exceeding supply through 2028. Wolfe estimates SK Hynix and Micron could generate enough free cash flow in 2026-2027 to repurchase shares equivalent to 32% and 25% of their market capitalizations respectively. However, the synchronized declines suggest profit-taking after substantial rallies, highlighting that analyst optimism may not overcome short-term sector-wide selling pressure.