Several South Korean brokerages have lowered their target prices for Samsung Electronics and SK Hynix, with some reductions exceeding 30%, due to rising concerns that the memory market has peaked. Kiwoom Securities cut its target price for Samsung Electronics from 390,000 Korean Won to 350,000 Korean Won, and for SK Hynix from 2,200,000 Korean Won to 2,100,000 Korean Won. Mirae Asset Securities lowered its target price for Samsung Electronics from 550,000 Korean Won to 370,000 Korean Won, and for SK Hynix from 4,200,000 Korean Won to 2,800,000 Korean Won, both representing a 33% reduction. This round of adjustments is primarily driven by the high prices of general memory chips leading to cautious procurement by terminal manufacturers, as well as potential supply pressure from large-scale capacity expansion in 2027. Despite this, brokerages generally maintain a "buy" rating for both companies and are optimistic about the medium-to-long-term growth prospects of their HBM businesses.