Morgan Stanley maintains overweight ratings on SK Hynix and Samsung Electronics

Morgan Stanley maintains the overweight ratings of SK Hynix and Samsung Electronics, with target prices set at 2.6 million won and 381,000 won respectively. Based on the report and using benchmark stock prices, the two major target prices correspond to about 74% and 65% potential growth space, but it does not mean that the stock price will definitely rise. The report raises the forecast for year-on-year growth of cloud capital expenditure in 2027 from 14% to 29%. AI computing power demand remains an important structural support for the storage cycle. DRAM and NAND contract prices continue to rise, but the month-on-month increase has dropped from the high; Morgan Stanley expects the storage industry to enter the late stage of the cycle in the fourth quarter of 2026.