RESEARCH ALERT-Citi raises Hynix earnings forecasts

Published: 25 Oct 2009 17:40:49 PST

SEOUL, Oct 24 - Citi raised its earnings forecasts for Hynix Semiconductor Inc <000660.KS> for 2010 and 2011, citing a strong memory outlook, after the world's No. 2 memory chip maker reported on Friday it swung to quarterly profits.

Citi revised its operating profit forecast for 2010 to 2.42 trillion won ($2.04 billion) from 2.19 trillion won, while increasing the 2011 forecast to 2.52 trillion won from 2.41 trillion won.

In a note dated Friday, Citi also kept its buy rating for Hynix, saying it still believed "Hynix is the most leveraged play on a cyclical upturn in memory". ($1=1189.0 Won)