GigaDevice's stock soared 5.15% during intraday trading on Tuesday, marking a significant rebound after recent declines.
The company issued an announcement confirming normal business operations with no undisclosed material matters, helping alleviate market concerns over fundamentals. Additionally, BOCOM International initiated coverage on GigaDevice with a Buy rating and a target price of 907 HKD for the Hong Kong-listed shares, implying significant upside from current levels.
BOCOM International noted that major overseas memory manufacturers including Samsung, SK Hynix, Micron, and Kioxia are continuously exiting niche DRAM and SLC NAND Flash capacity, creating a supply gap that opens a capacity substitution window for GigaDevice. The firm projects strong growth in the global specialty memory market.