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Analysts update TSMC stock price target

Analysts update TSMC stock price target

With advanced semiconductors providing the computing power that fuels the ongoing artificial intelligence (AI) boom, it is hardly strange that some of the most important names in the industry witnessed massive stock market moves in recent months.

Though Nvidia (NASDAQ: NVDA), with its $3 trillion market capitalization rise and overall successes, has taken much of the attention, few firms are as technologically and strategically important as the Taiwan Semiconductor Manufacturing Company (NYSE: TSM).

Along with recently entering an agreement to begin production within the United States and recording a substantial 80.43% year-to-date (YTD) rise to $183.34 per share, TSM shares are also generally expected to continue with their impressive stock market performance.

TSM stock YTD price target. Source: Finbold

TSM stock rapidly outpaces analyst predictions

Given that TSM boasts an overall perfect ‘strong buy’ score, with all 11 experts represented on the stock analysis platform TipRanks rating it as such, it is no surprise that the most recent price target revisions have also been highly bullish.

The first of the four major June adjustments came from the banking giant Barclays, which, on the fifth day of the month, estimated that TSM is indeed a stock worth buying and that it is likely to reach $170 within 12 months’ time. 

Perhaps the most interesting facet of the rating is how quickly it became dated. Indeed, while the target set at $170 represented almost a $10 upside, the semiconductor manufacturer has risen so rapidly since that by the time of publication, the forecast actually presents a 5% downside.

TSM analyst consensus. Source: TipRanks

The analysis provided by Bank of America (NYSE: BAC) on June 11 – an analysis that heavily hinges on TSM’s importance for Apple’s (NASDAQ: AAPL) AI agreement with OpenAI – suffers from a very similar issue as the one provided by Barclays.

In the 9 days since the price target of $180 was published, circumstances have turned it from a bullish into a bearish prediction, despite BAC still, according to the most recent available information, considering TSM a ‘buy’ with significant growth potential.

TSM receives increasingly bullish 12-month price targets

Possibly thanks to it being among the latest estimates – published on June 17 – Susquehanna’s price target continues to predict an upside, at least at the time of publication on June 20. 

Indeed, the analyst firm rated the blue-chip chipmaker as ‘positive’ – a ‘buy’ – and raised their already-high 12-month  price target of $180 up to $200.

Even more recently, experts at Bernstein raised their own TSM target from $150 to $200 on June 20. According to analysts, the semiconductor maker is expected to beat predictions in its third-quarter report, and its revenue for the entire 2024 is forecast to rise by 28%.

Bernstein rooted its bullish arguments both in the fact that N3 and N5 capacity is full by the time of publication and in the increasing demand for TSM’s Chip-on-Wafer-on-Substrate (CoWoS) technology.

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