JPMorgan initiates coverage of SK Hynix ADR with an "Overweight" rating and a target price of $245 by June 2027. The core reasons are: AI-driven continued growth in HBM/DRAM demand, potentially extending the memory market cycle; Hynix's leading position in HBM technology and customer share; and simultaneous improvement in profitability, free cash flow, and share buyback and dividend capabilities.