SK hynix's Memory Upcycle Expected to Extend Through 2027, RBC Says

12:42 PM EDT, 10/28/2026 (MT Newswires) -- SK hynix (SKHY) reported solid Q3 results driven by "DRAM pricing strength," while management's outlook supports the view that the memory "upcycle" could continue through 2027, RBC Capital Markets said in a report Wednesday. Demand is expected to "outpace supply" for the next few years, with 14 long-term agreements now covering more than 50% of total capacity in 2027 and 2028, the firm said. HBM4 is also "off to a strong start" and is expected to surpass HBM3E in both volume and revenue share in Q4, the report said. The firm estimates HBM pricing will rise 80% to 100% in 2027, while the company's management has said HBM is essentially "sold out" through 2029. The firm expects SK hynix to maintain its HBM market-share lead, while "surging GenAI demand" and structural supply constraints support the current memory upcycle, according to the report. RBC reiterated an outperform rating on SK hynix, with a price target of $200. Price: 164.30, Change: +18.94, Percent Change: +13.03