Shares of SK Hynix surged as much as 10%, reaching their highest level since 1999, after the South Korean chipmaker reported record profits. SK Securities more than doubled its price target on the stock to 1 million won, up from its previous target of 480,000 won, making it the most bullish price target among analysts covering SK Hynix.
SK Securities also raised its target price for Samsung Electronics Co., Ltd. from 110,000 won to 170,000 won, maintaining a "buy" rating. Shares of Samsung Electronics climbed as much as 3.5%, hitting a fresh all-time high.