SK hynix (SKHY) stock soared 6.29% during intraday trading on Tuesday, rebounding sharply as a wave of bullish analyst coverage and short-squeeze dynamics converged with a positive product announcement.

The surge was underpinned by a flurry of analyst initiations: BofA Global Research, Stifel, Rosenblatt Securities, Needham, RBC Capital Markets, and William Blair all launched coverage with Buy or Outperform ratings, setting price targets as high as $320. This collective vote of confidence helped reverse recent negative sentiment. Meanwhile, Citi strategists highlighted that short positions in the Korean market are at a three-year high, creating a potential short-covering rally setup that likely amplified the upward move. Additionally, SK hynix and SanDisk jointly published the industry's first High Bandwidth Flash (HBF) standard specification through the Open Compute Project, with Google joining the ecosystem, further boosting the stock's appeal.

The combination of aggressive analyst endorsements, short-squeeze speculation, and innovation in memory technology drove the stock sharply higher in the session.