(Bloomberg) — The bullish chorus on Taiwan Semiconductor Manufacturing Co. is growing even louder as a stock rally puts its market capitalization closer to the $1 trillion milestone.
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A flurry of Wall Street brokerages have lifted their price targets for TSMC this week, citing surging AI-related demand and potential price hikes in 2025 to drive up earnings. Goldman Sachs Group Inc. is the most bullish of all, increasing its price target by 19% to NT$1,160 as it sees three- and five-nanometer chip manufacturing prices advancing by a “low single digit percentage.”
JPMorgan Chase & Co. says TSMC may “lift its 2024 revenue guidance and potentially move up its capex to the higher end of the guidance range,” and expects AI to contribute 35% of total sales by 2028. Citigroup Inc. and Morgan Stanley also raised their price targets on a stronger earnings…
